Annual report
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Annual Report & Sustainability Report 2025
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2 Annual Report Cheffelo 2025 About Cheffelo ................................................................3 Cheffelo in figures .........................................................4 Cheffelo Markets ............................................................5 Comments from the CEO ..........................................6 Strategy...............................................................................8 Corporate Governance Report ........................... 10 The Share ........................................................................19 Sustainability Report ................................................20 Annual Report and consolidated financial statements .................................................57 Director's Report .........................................................59 Financial Reports........................................................ 63 Notes .................................................................................69 Declaration.....................................................................94 Auditor’s Report ..........................................................95 Table of contents
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3 Annual Report Cheffelo 2025 About Cheffelo Cheffelo is a profitable Scandinavian mealkit provider that makes it easy to eat well without the time‑consuming hassle of planning and shopping. Since 2006, we have helped people enjoy varied, nutritious home‑cooked meals by delivering personalized mealkits with minimal food waste. With just over 400 engaged employees, we operate purpose‑built production facilities and use proprietary technology to streamline our operations and create an epic customer experience. We work closely with local ingredient suppliers to ensure quality, freshness, and sustainability. Cheffelo operates under the brands Linas in Sweden, Godtlevert and Adams Matkasse in Norway, and RetNemt in Denmark. In 2025, Cheffelo generated SEK 1.2 billion in revenue and delivered approximately 17 million meals. Cheffelo is listed on Nasdaq First North Premier Growth Market Stockholm (ticker: CHEF).
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4 Annual Report Cheffelo 2025 Cheffelo in figures Dividend per share SEK 7 .05 Deliveries 1 356 K Net Sales MSEK 1 188 Employees 406 Operating result (EBIT) MSEK 73.4 EBIT margin 6.2% Earnings per share SEK 4.47 Average order value SEK 876 Number of customers 78.4 K Portions delivered 2025 17 M
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5 Annual Report Cheffelo 2025 Oslo Stockholm Mölnlycke Helsingør Cheffelo Markets NORWAY GODTLEVERT & ADAMS MATKASSE Net sales MSEK 603.0 in 2025. SWEDEN LINAS MATKASSE Net sales MSEK 440.8 in 2025. DENMARK RETNEMT Net sales MSEK 144.2 in 2025.
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6 Annual Report Cheffelo 2025 Comments from the CEO What a year! In 2025, we brought our leaders together on two occasions to talk about growth – as individuals, as leaders, within our teams, and for Cheffelo as a whole. The year clearly showed stronger‑than‑expected growth and the operating leverage in our business. We had set a target of SEK 1.2 billion in net sales for 2026 with an EBIT margin of 4–6%. 2025 ended with double‑digit growth, meaning we reached our sales target a year early (with a bit of rounding help) and delivered an EBIT margin above the upper end of the range. This confirms the scalability of our business model. This growth has been driven by changes in our product model that have increased customer acquisition, loyalty, and order frequency. Looking ahead, we expect to continue to benefit from increased scale, while reinvesting part of the profits into the customer experience. Our work to build further on our operating leverage is about aligning processes and ways of working around a single value proposition: meals that bring families together. We are strengthening and broadening our competitive advantages in personalization – smart enough to feel simple – while ensuring high delivery reliability. This has also led to some important decisions, including the merger of the Adams brand in Norway into Godtlevert. By streamlining processes and focusing on our purpose, we expanded our offer in 2025 to include portion sizes for 2, 3, 4, 5, and 6 people in all markets. We also increased the number of recipes and further tailored menus to each customer’s preferences, while keeping the service easy to use. Cheffelo operates in three markets with the same value proposition and the same strategic capabilities, even though the markets can be very different. Being active in several markets increases our total market potential and spreads market risk. In 2025, for example, we saw a very strong performance in Norway, where growth in local currency exceeded 25% for the year. Sweden continued to deliver stable growth, as it has done for two and a half years now, while Denmark went from strong growth in 2024 to broadly flat net sales in 2025. We have put a significant effort into further strengthening our offering in Denmark and are focusing on a strong start to 2026, with new ways of working in customer acquisition and increased investments in the market, against the backdrop of improving consumer confidence. Our mealkits are well positioned within several megatrends that support the business model over time. • There is growing interest in alternatives to ultra‑ processed food, where cooking from scratch is often the simplest solution – which drives demand for easy‑to‑prepare mealkits. • It has never been harder to create quality time with the family, with both hectic lives and smartphones competing for attention. By solving the dinner challenge in a way that simplifies inspiration, logistics, and cooking itself, we make it possible for families to gather around the table with minimal effort.
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7 Annual Report Cheffelo 2025 • Food waste is also getting more attention, given the climate impact of food production and the complexity of fresh food supply chains. Our demand‑driven model, where we optimize purchasing of ingredients based on the actual recipe needs, helps reduce overproduction and the risk of food being thrown away at home due to expired shelf life. We expect continued growth in the business to support higher profitability. Having already delivered on our financial targets ahead of schedule, we have updated our expectations. We now estimate that net sales can grow by 7–9% per year, with a target to reach SEK 1.5 billion in net sales in 2028 and an EBIT margin of 7–9%, mainly driven by economies of scale. Growth is expected to come from both volume and value. We expect price adjustments to offset inflation and contribute roughly 2 percentage points per year, while initiatives in add‑on products and groceries account for around 1 percentage point on the value side. In terms of volume, we are focusing on annual growth of 3–4% in the active customer base, while increasing order frequency by 1–2 percentage points per year. The pilot project for geographical expansion that we presented in our fourth quarter report is not included in these growth ambitions. We will extend our current distribution reach by using our existing production facility to enter the Finnish market during 2026. This means we do not need to make capex investments or incur significant ongoing costs to test this expansion opportunity. Depending on how the pilot develops later in the year, we will refine our further expansion plans as we move into 2027. It is very encouraging to welcome so many new share‑ holders who now see the potential in the mealkit business model, and we remain firmly committed to delivering an attractive return to our shareholders. The Board’s proposal to increase the dividend by 112% to SEK 7.05 per share is a clear signal of our ability to create shareholder value, and we intend to continue doing so. Behind the business there is a fantastic team of 400 Cheffelonians who go the extra mile every day to make sure each mealkit experience is truly great for the customer. I am especially proud that Cheffelo’s success in 2025 has been achieved while also improving psychological safety in our working environment. Looking back at 2025, I am proud that we delivered what we said we would – and more. The Cheffelo team has never been more excited about the future, and that shows in our daily work of solving the dinner challenge better than anyone else. Without this commitment, we would never be able to give our customers the experience we do, and I want to once again thank all our Cheffelonians for their dedication and efforts. Walker Kinman CEO
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8 Annual Report Cheffelo 2025 Strategy Strategic overview Cheffelo is built on well known local brands with a strong history of innovation and entrepreneurship. Our strategy is based on our winning ambition – “Solve dinner – better than anyone else” – and our value proposition: “Meals that unite families”. We offer a subscription based mealkit service for modern families in Scandinavia, complemented by a growing range of add on products and groceries that further simplify everyday life and strengthen customer loyalty. By making the entire chain – from meal planning and purchasing to cooking and delivery – smoother, we help our customers eat better and get more time to spend together around the dinner table. Through advanced technology for sales, customer insight, menu planning and purchasing, we can offer the broadest range of everyday dinners in the category, tailored to house‑ holds’ preferences and life situations. Our competitive edge is a high level of personalization that feels simple for the customer, while delivering high reliability across the value chain. Economies of scale, a flexible and capital efficient business model, and strict cost discipline form the foundation for our profitable growth. Business objectives Cheffelo aims to be the natural first choice for modern families looking for simple, delicious and varied dinner solutions. We work continuously to strengthen our core business, improve the customer experience and develop our offer of both complete dinner solutions and add on products. Through data driven personalization, a strong focus on quality in both ingredients and recipes, and an easy to use digital interface, we aim to increase long term customer value, reduce churn and build a strong, loyal customer base. We work systematically with sustainability – from responsible sourcing, reduced food waste and more sustainable packaging and transport, to how we design our workplace and contribute to the local communities where we operate. Financial targets Our financial targets support the Group’s strategy for profitable growth. The Group has a target foraims for average annual net sales growth of 7–9%, with a net sales target of SEK 1.5 billion in 2028. For profitability, the ambition is to reach an EBIT margin of 7–9% in 2028. By combining well balanced price adjustments, a growing base of active customers, higher order frequency and increased add on sales, Cheffelo aims to generate sustainable long term cash flow that enables continued investments in growth and innovation, while also supporting continued dividends to our shareholders. Growth drivers Cheffelo’s targeted 7–9% growth is expected to come from four main areas: • Price optimization: Price adjustments that offset inflation while maintaining strong perceived customer value. • Expansion of add on products and groceries: Increasing the share of customers who purchase add on products and groceries, driven by a relevant and value adding assortment. • Growth in active customers: Continued optimization of customer acquisition, with a focus on profitable and long term sustainable customer groups. A high degree of personalization and service reliability strengthens our ability to retain customers over time. • Higher order frequency: Encouraging existing customers to make more orders, where future effects are primarily expected to come from better customer retention. Execution in 2025 In 2025, we continued to translate our strategy into concrete initiatives. In marketing, we prioritized profitable customer growth, focusing on modern families in Scandinavia who value convenience and home cooked food. In digital development, we invested in platforms and data analytics that enabled even more targeted menu suggestions, better planning tools for customers and smoother purchase journeys. Operationally, we continued to streamline production, optimize recipe and purchasing processes, and improve capacity utilization in our distribution network. We also put more effort into explaining and involving the entire organization in our strategic priorities. By combining clear strategic direction with disciplined execution, we create the conditions for long term, sustainable and profitable growth.
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9 Annual Report Cheffelo 2025 Our business model: subscription‑ based home delivery of mealkits Demand-driven business model • Near‑zero inventory • Minimal food waste Local taste preferences • Local chefs and dieticians • Widest selection of recipies Personalized customer experience • Proprietary tech solutions • AI recommendation engine • 100% customer unique production Strong, scalable supply chain • Efficient processes • Nordic sourcing Cheffelo
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10 Annual Report Cheffelo 2025 Good corporate governance is essential to maintaining confidence in Cheffelo AB (publ) (“Cheffelo”) among the company’s stakeholders and helps increase the focus on business value and shareholder value. The Board of Directors and Group Management strive for a high level of transparency to make it easier for shareholders to follow the company’s decision‑making processes and to clarify where responsibilities and powers lie in the organization. This Corporate Governance Report has been prepared in accordance with the provisions of the Swedish Annual Accounts Act and the Swedish Corporate Governance Code (the “Code”). The Corporate Governance Report has been subject to a statutory review by the company’s auditors. Cheffelo is a Swedish public limited company. The company’s governance is based primarily on Swedish legislation, in particular the Swedish Companies Act, the Articles of Association and internal governing documents such as policies and instructions. As Cheffelo’s shares are admitted to trading on Nasdaq First North Premier Growth Market Stockholm, Cheffelo applies, among other things, Nasdaq First North Premier’s rules for issuers and the Swedish Corporate Governance Code. The Code is based on the “comply or explain” principle. This means that a company applying the Code may deviate from Corporate Governance Report individual rules, provided that the reasons for each deviation are explained. Cheffelo complies with the Code with the exceptions described in this Corporate Governance Report. Where Cheffelo has chosen to deviate from specific rules of the Code, an explanation is provided. Responsibility for the management and control of Cheffelo is shared among the shareholders (through the General Meeting), the Board of Directors and its committees, and the Chief Executive Officer (CEO). Governance and internal control are exercised within the framework of the Swedish Companies Act and other applicable legislation and regulations for companies whose shares are admitted to trading on Nasdaq First North Premier Growth Market Stockholm, the Articles of Association, and the Board’s rules of procedure and other internal governance instruments. Cheffelo’s objective is to create long‑term value for share‑ holders, customers, suppliers and employees, while contributing to sustainable societal development. The purpose of corporate governance is to ensure a clear and appropriate division of responsibilities and roles among share‑ holders, the Board of Directors, the CEO, Group Management and the company’s control functions. Cheffelo’s Board of Directors has chosen not to establish a separate Audit Committee. The Board as a whole performs the tasks that the Swedish Corporate Governance Code assigns to an Audit Committee, including oversight of the company’s financial reporting, handling of matters relating to the external audit and maintaining contact with the company’s auditor. C. Nomination CommitteeE. Auditor D. Compensation Committee A . Shareholders B. Annual General Meeting D. Board of Directors F. CEO and Group Management
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11 Annual Report Cheffelo 2025 A. Shareholders Cheffelo is a Swedish public limited company whose shares are traded on Nasdaq First North Premier Growth Market Stockholm. As of December 23, 2025, Cheffelo AB (publ) had 4,885 shareholders. Each share carries one vote. As of the same date, the ten largest shareholders together held 60% of the capital and votes. Articles of Association Cheffelo’s current Articles of Association were adopted at the Extraordinary General Meeting held on September 15, 2023. According to the Articles of Association, the company’s business is the direct or indirect resale of food and related services, such as packaging, home delivery, planning and production of menus and recipes, as well as owning and managing real and personal property, and engaging in rela‑ ted activities. The Articles of Association also set out the rights of share‑ holders, the number of directors and auditors, that the Annual General Meeting shall be held annually within six months of the end of the financial year, how notice of the Annual General Meeting shall be given, and that the registered office of the Board of Directors shall be in the municipality of Sundbyberg. The company’s financial year is the calendar year. The Annual General Meeting shall be held in the municipality of Sundbyberg. The Articles of Association do not limit the number of votes that each shareholder may cast at a General Meeting. The Articles of Association do not contain specific provisions regarding the appointment and dismissal of Board members, or amendments to the Articles of Association. The current Articles of Association are available at https:/ /chef‑ felo.com/bolagsordning/ B. General Meeting The Annual General Meeting (AGM) of Cheffelo is the com‑ pany’s highest decision‑making body and the forum through which shareholders exercise their influence over the compa‑ ny. The duties of the AGM are regulated by the Swedish Com‑ panies Act and the Articles of Association. The AGM decides on a number of key matters such as adoption of the income statement and balance sheet, discharge from liability for the members of the Board of Directors and the CEO, dividends to shareholders and the composition of the Board of Directors. Further information about General Meetings, and full minutes from previous AGMs and Extraordinary General Meetings, is available at https:/ /cheffelo.com/bolagsstamma/ The AGM is held annually within six months of the end of the financial year. Notice of the General Meeting is given by announcement in the Swedish Official Gazette (Post‑ och Inrikes Tidningar) and on the company’s website, no earlier than six and no later than four weeks before the meeting. Annual General Meeting 2025 At the Annual General Meeting (AGM) held on April 24, 2025, shareholders representing approximately 31% of the company’s share capital and votes participated. Petter von Hedenberg was elected chairman of the AGM. The AGM adopted the income statement and balance sheet, as well as the consolidated income statement and conso‑ lidated balance sheet. The meeting approved the Board’s proposal regarding the appropriation of the company’s earnings, which included a total dividend of SEK 42,093 thousand, corresponding to SEK 3.32 per share. The AGM resolved to grant discharge from liability to each member of the Board of Directors and the CEO for the administration of the company’s affairs during the financial year. Furthermore, the AGM resolved that the Board of Directors shall consist of five members without deputies and that a registered public accounting firm shall be appointed as auditor. It was decided that fees shall be paid to the Board members. Petter von Hedenberg, Johan Kleberg and Olle Qvarnström were re‑elected as Board members, while Kajsa Knapp and Catherine Sahlgren were elected as new Board members. The AGM resolved to elect the registered public accounting firm Öhrlings PricewaterhouseCoopers AB as the company’s auditor until the end of the next AGM. C. Nomination Committee The main duty and responsibility of the Nomination Committee is to present proposals for the election of the Chairman of the Board, the members of the Board of Directors and the company’s auditors, as well as proposals for fees and other remuneration for Board duties to each of the Board members and the auditors. The company shall have a Nomination Committee consisting of one representative from each of the three largest shareholders or groups of shareholders in terms of voting rights who wish to appoint a representative, and the Chairman of the Board. If any of the three largest share ‑ holders or shareholder groups in terms of voting rights waive their right to appoint a member to the Nomination Committee, the next shareholder or shareholder group in order of size shall be given the opportunity to appoint a member. The current instructions for the Nomination Committee were adopted at the General Meeting on March 14, 2021. Shareholder Number of shares Share of votes (%) Petter von Hedenberg 1,633,670 12.5% Avanza Pension 1,201,585 9.2% Niklas Aronsson 1,014,081 7.8% Nordnet Pensionsförsäkring 994,013 7.6% Olle Qvarnström 779,581 6.0% Alexander Eskilsson 695,000 5.3% Carolina Gebäck 565,382 4.3% Walker Kinman 346,240 2.7% Livförsäkringsbolaget Skandia 330,515 2.5% Andreas von Hedenberg 280,000 2.2% Total 10 largest shareholders 7,840,067 60.2% Other shareholders 5,180,357 39.8% Total 13,020,424 100.0%
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12 Annual Report Cheffelo 2025 Nomination Committee for the 2026 Annual General Meeting The Nomination Committee consists of Andreas von Hedenberg, appointed by Angur invest, Niklas Aronsson representing himself, Robin Gustafsson representing Olle Qvarnström and Servettkalkyl AB, and Petter von Hedenberg as the Chairman of the Board of Cheffelo. Shareholders have been able to submit proposals to the Nomination Committee by e‑mail to ir@cheffelo.com. or by post to Cheffelo AB (publ), Nomination Committee, Löfströms Allé 5 (3rd floor), SE‑172 66 Sundbyberg, Sweden. The members of the Nomination Committee have not received any remuneration from Cheffelo for their work. D. Board of Directors After the General Meeting, the Board of Directors of Cheffelo is the company’s highest decision‑making body. The Board is accountable to the General Meeting in accordance with the duty of care and fiduciary duty imposed on the Board under applicable laws, regulations and rules. The Board is also responsible for the achievement of the company’s objectives as resolved by the AGM and set out in the Articles of Association. In addition, the work of the Board is governed by rules of procedure adopted annually by the Board. The rules of procedure also govern the division of respon‑ sibilities among the Board, its Chairman and the CEO, and include procedures for the CEO’s reporting to the Board. The current rules of procedure were adopted on May 6, 2025 and require the Board to meet at least four times per year in addition to the inaugural Board meeting. The Board shall decide on all matters that fall outside the scope of day‑to‑day management and on matters that, under the Swedish Companies Act or the Articles of Association, require a decision by the Board. The duties of the Board include setting strategies, and approving business plans, budgets, interim reports and year‑end reports for Cheffelo. Furthermore, the Board shall supervise the work of the CEO, appoint and dismiss the CEO, and decide on significant changes in Cheffelo’s organization and operations. The main tasks of the Board are to set the company’s overall goals and strategy, to ensure that the company has a well‑functioning Group Management with appropriate remuneration terms, to ensure that the company’s external reporting is transparent and objective and provides an accurate view of the company’s performance, profitability, financial position and risk exposure, to oversee financial reporting with instructions to the CEO and the establishment Name Position Born Elected Independent of the company Independent of major shareholders Petter von Hedenberg Chairman 1979 2023 Yes No Kajsa Knapp Board member 1981 2025 Yes Yes Johan Kleberg Board member 1975 2022 Yes Yes Olle Qvarnström Board member 1990 2023 Yes Yes Catherine Sahlgren Board member 1962 2025 Yes Yes The company's Board consists of 5 ordinary Board members appointed by the General Meeting. of requirements for the financial reports submitted to the Board on an ongoing basis, to ensure that the company’s insider policy and logbook procedures are complied with in accordance with legislation and the guidelines of the Swedish Financial Supervisory Authority, to ensure that there are effective systems for monitoring, controlling and managing the company’s operations and financial position against set objectives, to monitor and evaluate the company’s performance and to support the CEO in taking the necessary measures, to ensure that there is satisfactory control of the company’s compliance with laws and regulations applicable to the company’s business, to ensure that appropriate ethical guidelines are established for the company’s conduct, and to propose to the AGM any dividend, share buyback, redemption or other proposals that fall within the competence of the General Meeting. Composition of the Board According to the Articles of Association, Cheffelo’s Board of Directors shall consist of a minimum of three and a maximum of nine members. The current Board consists of five members elected by the AGM. In line with the Nomination Committee’s proposal, Petter von Hedenberg, Johan Kleberg and Olle Qvarnström were re‑elected, while Kajsa Knapp and Catherine Sahlgren were elected as new Board members. Petter von Hedenberg was appointed Chairman of the Board. Cheffelo currently has no separate, formally adopted diversity policy for the Board of Directors and senior management. However, the Nomination Committee and the Board take diversity into account – in terms of gender, competence, experience and background – when nominating Board members and recruiting senior executives. The company’s work on diversity and inclusion is based on our Code of Conduct and the targets set out in the Sustainability Report, where our diversity and inclusion efforts are described in more detail. Independence of the Board Petter von Hedenberg is the CEO and owner of Angur invest AB, which holds approximately 12.5% of the votes in Cheffelo. Petter von Hedenberg is therefore not considered independent in relation to the company’s major share holders according to the Code.
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13 Annual Report Cheffelo 2025 The other four members elected by the AGM – Kajsa Knapp, Johan Kleberg, Olle Qvarnström and Catherine Sahlgren – are independent in relation to Cheffelo, Group Management and the company’s major shareholders according to the Code. None of these individuals holds an ownership stake exceeding 10%. The Board thus meets the Code’s requirement that at least two of the Board members who are independent of the company and Group Management shall also be independent of the company’s major shareholders. Rules of procedure The Board’s rules of procedure, including instructions for the division of responsibilities between the Board and the CEO regarding financial reporting, are updated and adopted annually. In addition to financial reporting and follow‑up of ongoing business operations and profitability trends, the Board’s meetings address the company’s targets, business strategies, acquisitions and significant investments, as well as matters relating to the capital structure. The Board holds its inaugural meeting directly after the AGM. At this meeting, the Board also adopts its rules of procedure, as well as the instructions for the CEO, committee instructions and other internal governance instruments. The current Board held its inaugural meeting on May 6, 2025, at which all Board members were present. Chairman of the Board At the inaugural Board meeting held on May 6, 2025, Petter von Hedenberg was elected Chairman of the Board. The Chairman leads the work of the Board and is responsible for ensuring that the Board’s work is conducted efficiently and that the Board fulfills its duties and responsibilities. The Chairman follows the development of the business in dialogue with the CEO and ensures that the other Board members continuously receive the information needed for the Board work to be carried out with quality maintained and in accordance with the Swedish Companies Act and other applicable laws and regulations, the Articles of Association and the Board’s rules of procedure. Board work in 2025 In 2025, the Board handled matters relating to strategy, personnel and organization. Decisions were made regarding strategy, investments, the financial budget and governing policies. During the year, the Board met 10 times. Attendance at Board meetings in 2025 is shown in the table below. In 2025, the company’s auditor attended two Board meetings. The purpose was to provide the Board with a more in depth view of the financial reporting, internal control and key findings from the audit. Evaluation of the Board's work The Chairman of the Board is responsible for conducting an annual structured evaluation of the Board's work in accordance with the Swedish Corporate Governance Code. The evaluation is carried out through a written questionnaire distributed to all Board members, supplemented by individual discussions with the Chairman. The purpose is to assess the Board's working methods, composition, competence, decision making basis and internal follow up, as well as the relationship with the CEO. The results of the Board evaluation are reported and discussed within the Board and form the basis for any measures taken to improve the Board's work. A summary of the findings is also shared with the Nomination Committee to serve as a basis for its work on proposals for the composition of the Board and Board fees. Board member Board meetings Petter von Hedenberg 10 Kajsa Knapp 8 Olle Qvarnström 10 Johan Kleberg 10 Catherine Sahlgren 8 Therese Reuterswärd 2 Charlotte Gogstad 2
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14 Annual Report Cheffelo 2025 1) Teckningsoptionerna förvärvades inom ramen för det långsiktiga incita‑ mentsprogram som inrättades enligt beslut på årsstämma 14 mars 2021. Petter von Hedenberg Born 1979. Chairman of the Board since 2023. Education: Degree in Business Administration from BI Norwegian Business School. Other current positions: Working chairman of the board of Mood Holding and CEO of Angur invest. Previous positions (last five years): None. Shareholding in Cheffelo: Petter von Hedenberg holds 1,633,670 shares in the company. Kajsa Knapp Born 1981. Board member since 2025. Education: Degree in Business Administration from Halmstad University. Other current positions: Co‑founder of the e‑commerce company Coolstuff AB, where she also serves as CEO and aboard member. Board member of Sägen AB. Previous positions (last five years): Board member of Connect Sverige Region Syd. Shareholding in Cheffelo: Kajsa Knapp holds 9,914 shares in the company. Olle Qvarnström Born 1990. Board member since 2023. Other current positions: Board member of Svenska Medalj AB, Envirologic AB (publ) and Kontigo Care AB (publ). Previous positions (last five years): CEO of Svenska Medalj AB 2020–2024. Shareholding in Cheffelo: Olle Qvarnström holds 779,581 shares in the company, privately and through companies. Catherine Sahlgren Born 1962. Board member since 2025. Education: Degree in Business Administration from the Stockholm School of Economics. Other current positions: Board member of Nordrest AB, board member of Speed International AB, and chairman of the board of Speed Photo AB. Previous positions (last five years): Group CEO of Werksta Group and CEO of Teknikmagasinet and Pressbyrån. Shareholding in Cheffelo: Catherine Sahlgren holds 1,500 shares in the company. Johan Kleberg Born 1975. Board member since 2022. Education: Degree in Business Administration from the Stockholm School of Economics. Other current positions: CEO, chairman and part‑owner of Bookbinders Design and Insjöns Väveri, and chairman of the Board of In‑grid AB. Previous positions (last five years): None. Shareholding in Cheffelo: Johan Kleberg holds 2,000 shares in the company.
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15 Annual Report Cheffelo 2025 Remuneration of Board members Fees and other remuneration to the Board members, including the Chairman of the Board, are determined by the General Meeting. At the AGM held on April 24, 2025, it was resolved that total fees to the Board members for the period until the next AGM shall amount to SEK 1,300,000. SEK 500,000 shall be paid to the Chairman of the Board, and SEK 200,000 each to Kajsa Knapp, Johan Kleberg, Olle Qvarnström and Catherine Sahlgren. The company’s Board members are not entitled to any benefits upon ceasing to serve as Board members. Evaluation of the CEO The Board continually evaluates the performance and competence of the CEO and Group Management. This evaluation is carried out at least once a year without the presence of representatives from Group Management. Guidelines for remuneration of senior executives At the AGM held on March 14, 2021, principles for remuneration of senior executives were adopted. The company aims to offer total remuneration that is market‑based and thereby able to attract and retain qualified employees. Remuneration shall be based on the employee’s position, areas of responsibility and performance. Total remuneration to senior executives shall consist of fixed salary, variable cash remuneration and pension. Fixed salary forms the basis of the total remuneration. The fixed salary shall be based on the Group Management member’s competence, responsibility and performance and shall be competitive in relation to prevailing market standards. Variable remuneration shall be linked to predetermined and measurable criteria and shall mainly be based on the Group’s financial performance for each year. Variable remuneration paid in cash shall not exceed 100% of the fixed salary. Pensions shall be designed to reflect normally accepted levels and practice in the country where the member of Group Management is employed. Where possible, pensions shall be defined contribution plans. The Group applies a maximum notice period of twelve months. In the event of termination by the executive, a notice period of six months generally applies. In the event of termination by Cheffelo, termination benefits may be payable of an amount up to nine months’ salary. In addition to the above‑mentioned variable remuneration, share‑ based incentive programs may be decided on from time to time, which shall be approved by the AGM. Remuneration Committee The Board of Directors of Cheffelo as a whole fulfills the duties of a Remuneration Committee in accordance with the Swedish Corporate Governance Code. Members of Group Management shall not participate in such work. Tasks related to remuneration matters include monitoring and evaluating compliance with these guidelines, as well as preparing decisions on remuneration policies, compensation and other terms of employment for Group Management. In addition, ongoing and completed programs for variable remuneration to Group Management shall be monitored and evaluated. E. Auditor Cheffelo’s auditors are appointed by the AGM. At the 2025 AGM, the audit firm Öhrlings PricewaterhouseCoopers AB was elected as the company’s auditor until the 2026 AGM. The Authorized Public Accountant Victor Lindhall was appointed as the auditor in charge. All services procured in addition to the statutory audit are specifically reviewed to ensure that there is no conflict in terms of independence or objectivity. For fees and other remuneration to the auditors, see Note 6. F. Ceo and group management The CEO is appointed by the Board of Directors and is responsible for the day‑to‑day management of the company in accordance with the Board’s guidelines and instructions. In this role, the CEO shall ensure, through appropriate control systems, that the company complies with applicable laws and regulations. The CEO presents reports at Board meetings and shall ensure that the Board receives accurate, comprehensive and relevant information to enable well‑founded decision‑making. In addition, the CEO maintains an ongoing dialogue with the Chairman of the Board and keeps the Chairman informed about the development and financial position of the company and the Group. During the year, Cheffelo’s Group Management consisted of seven members representing different functions within the company: Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), Chief Customer Officer (CCO), Chief Growth Officer (CGO), Chief Technology Officer (CTO) and Chief Business Development Officer (CBDO). Group Management normally meets at least three times per month to review performance, investments, productivity and development projects, organizational matters and other strategic and tactical issues. These meetings are led by the CEO, who makes decisions in consultation with the other members of Group Management. For principles, remuneration and other fees to the CEO and Group Management, see Note 5.
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16 Annual Report Cheffelo 2025 Erik Bergman, CFO Born 1982. Chief Financial Officer since 2021, previously Head of Business Control since 2019. Education: Master of Science in Business Administration and Economics from Stockholm University. Other current positions: Board member of Cheffelo Sweden AB, Cheffelo NewCo AB and Cheffelo Norway AS. Shareholding in Cheffelo: Erik Bergman holds 63,883 shares in the company. Adam Björklund, CGO Born 1990. Chief Growth Officer since January 2025. Education: Bachelor’s degree (B.Sc.) in Business Administration, specializing in marketing, School of Business, Economics and Law at the University of Gothenburg. Previous positions (last five years): Head of Digital Sales at SAS, Head of Media and Head of Customer Acquisition & Digital Expansion at SAS, Senior Analyst at Accenture. Shareholding in Cheffelo: Adam holds no shares or warrants in the company. Claes Stenfeldt, CCO Born 1968. Chief Customer Officer since October 2024. Previously Chief Product and Procurement Officer, with the company since 2018. Education: Bachelor of Business Administration & Marketing from IHM Business School. Other current positions: Board member of Cheffelo Sweden AB and Cheffelo NewCo AB. Shareholding in Cheffelo: Claes Stenfeldt holds 64,000 shares in the company. Vibeke Amundsen, COO Born 1968. Chief Operating Officer since 2021. Education: Master of Science from the Norwegian University of Science and Technology and Master of Management from BI Norwegian Business School. Other current positions: Board member of Cheffelo Denmark ApS and Cheffelo Norway AS. Shareholding in Cheffelo: Vibeke Amundsen holds 55,000 shares in the company. Walker Kinman, CEO Born 1975. Chief Executive Officer since 2019, previously Chief Financial Officer since 2018. Education: Bachelor of Science in Business Administration & Finance from Boston University. Other current positions: Chairman of the Board and CEO of Cheffelo Sweden AB, Cheffelo NewCo AB, Cheffelo Norway AS and WJK Strategic Consulting AB, and Board member and CEO of Cheffelo Denmark ApS. Shareholding in Cheffelo: Walker Kinman holds 346,240 shares in the company. Anton Nytorp, CTO Born 1988. Chief Technology Officer since 2022. Education: Master of Science in Industrial Engineering and Management from Linköping University. Other current positions: None. Shareholding in Cheffelo: Anton Nytorp holds 90,000 shares in the company. Klaus Toft-Nørgaard, CBDO Born 1964. Chief Business Development Officer since January 2025. Previously Chief Commercial Officer 2022– 2024 and Chief Executive Officer of RetNemt 2004–2022. Education: Executive MBA from Copenhagen Business School and Diploma in Marketing from the University of Southern Denmark. Other current positions: Chairman of the Board of Cheffelo Denmark ApS, and CEO and chairman of the board of Toft Norgaard Holding ApS. Board member of Jord.dk ApS. Shareholding in Cheffelo: Klaus Toft Nørgaard holds 267,770 shares in the company through his wholly‑owned company Toft Nørgaard Holding ApS.
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17 Annual Report Cheffelo 2025 Monitoring and internal control The Board of Directors and the CEO are responsible for the internal control, as set out in the Swedish Companies Act and the Code. The Board is responsible for the company’s organization and the management of its affairs, and must ensure that the organization is designed so that accounting, the management of funds and the company’s financial position are controlled in a reliable way. Under the Swedish Companies Act, the CEO is responsible for the day‑to‑day management of the company in accordance with the Board’s instructions and guidelines. The CEO must also take the measures necessary to ensure that the company’s accounting is handled in compliance with the law and that the management of funds is handled in a satisfactory manner. The Group Management team supports the CEO in the day‑to‑day work. Group Management includes one representative from each of the company’s main functions. The organization is designed to enable quick decision‑ making, with operational decisions within a function taken at functional level, while decisions affecting several functions are taken by Group Management. Strategic decisions and overall financial matters are decided by the Board of Directors and Group Management. The Board sets the Group’s strategy and financial targets annually. Internal control over financial reporting is part of a process involving the Board, Group Management and other employees. The process is designed to ensure the reliability of external reporting. The basis for internal control over financial reporting is a general control environment where organization, decision‑making paths, powers and responsibilities are documented and communicated in governing documents. Cheffelo’s finance function uses a common consolidation system and applies a Group‑wide accounting instruction. The Group’s accounting function has close and well‑functioning cooperation with controllers regarding the financial statements and reporting, where all Cheffelo subsidiaries report on a monthly basis. This reporting forms the basis for the Group’s consolidated financial reporting. Given the size and nature of the company, the Board has assessed that there is currently no need for a separate internal audit function. The Board is responsible for the company’s internal control and its effectiveness is monitored on an ongoing basis. The external auditor carries out an independent review of the company’s financial reporting and control systems as part of the statutory audit, which also includes a review of the company’s internal controls. Cheffelo has a number of policies for the Group’s operations and employees, including the following: Approval policy This policy provides guidelines for the delegation and assignment of authority to approve transactions. Sustainability Policy The Board has overall responsibility for sustainability issues and works actively to ensure that the company maintains long‑term, trust‑based relationships and good business ethics. Information Policy The Group’s information policy describes the Group’s general principles for disclosure and communication. Insider Policy The Insider Policy aims to inform employees and other relevant parties in the Group about the legislation and rules that apply to the company’s information disclosure, and the specific requirements placed on individuals who are active in a company listed on Nasdaq First North Premier Growth Market Stockholm, for example regarding price‑sensitive information. Risk assessment and risk management Through its presence in Scandinavia, Cheffelo is exposed to a number of different risks. Risk management within the Group is governed by established policies and procedures, which are regularly reviewed by Cheffelo’s Board of Directors. Responsibility for continuously identifying, assessing and mitigating risks in the business lies with Group Management. Risks are categorized as commercial, financial, operational and regulatory, and are assessed based on impact, likelihood and preventive measures. For further information about Cheffelo’s risks, see the Directors’ Report. Effective risk management combines operational business development with the owners’ and other stakeholders’ requirements for control and long‑term value creation. Risk management aims to minimize risks, but also to ensure that opportunities are utilized in the best possible way. Risk management covers the following risk areas: strategic risks, commercial risks, operational risks, financial risks and regulatory risks. The main method in the risk work is based on the key steps identify, analyze, respond and control risk. Risks identified in relation to financial reporting are managed through the company’s control activities. These control activities aim to prevent, detect and correct errors and deviations. Overarching policies, guidelines, instructions and time plans have been established in order to minimize identified risks in the financial reporting. In principle, all financial reporting is handled centrally by the finance function, although some parts of the processes are decentralized in the organization. Within the existing processes and routines, control activities are embedded at all levels of the organization, including manual controls such as reconciliations and stocktakes, automated controls in IT systems, and general controls in the underlying IT environment. Control activities are also supplemented by detailed financial analyses of results and follow‑up against budget and forecasts, which provide an overall confirmation of the quality of the reporting. The effectiveness of the risk assessment process and the performance of control activities are monitored continuously. Follow‑up includes both formal and informal procedures used by those responsible at each level. These routines include follow‑up of results against budget and plans, analyses and key performance indicators. The Board receives monthly reports on the Group’s financial position and performance. At each Board meeting, the company’s financial situation is discussed, and Management analyses the financial reporting in detail on a monthly basis.
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18 Annual Report Cheffelo 2025 Auditor’s report on the Corporate Governance Statement To the general meeting of the shareholders in Cheffelo AB (publ), corporate identity number 559021 ‑1263 Engagement and responsibility It is the board of directors who is responsible for the corporate governance statement for the year 2025 on pages 10‑17 and that it has been prepared in accordance with the Annual Accounts Act. The scope of the audit Our examination has been conducted in accordance with FAR’s standard Rev 16 The auditor’s examination of the corporate governance statement. This means that our examination of the corporate governance statement is different and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinions. Opinions A corporate governance statement has been prepared. Disclosures in accordance with chapter 6 section 6 the second paragraph points 2‑6 the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are consistent with the annual accounts and the consolidated accounts and are in accordance with the Annual Accounts Act. Stockholm, April 2, 2026 Öhrlings PricewaterhouseCoopers AB Victor Lindhall Authorized Public Accountant
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19 Annual Report Cheffelo 2025 The Share Cheffelo is listed on Nasdaq First North Premier Growth Market Stockholm. The closing price as of December 31, 2025 was SEK 79.70, corresponding to a market capitalization of MSEK 1,037.7. In 2025, a total of 14.5 million Cheffelo shares were traded, with an average daily volume of 58,276 shares. The number of shareholders increased during 2025 and amounted to 4,885 (2,625) at year‑end. At year‑end, 81.7% of the shares were owned by private individuals, while foreign ownership accounted for 25.7% of the shares. Other share information: Ticker: CHEF ISIN: SE0015556873 LEI: 529900HKIZBVX08VLG76 Dividend policy Cheffelo’s dividend policy aims to provide shareholders with a dividend that offers a good direct return while allowing the company to invest in strategic growth opportunities. The target dividend over time should amount to at least 50% of cash flow from operating activities less acquisitions of fixed assets and amortization of lease liabilities. Volume
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Sustainability Report 2025
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21 Sustainability Report Cheffelo 2025 Sustainability Report 2025 ..................................................................................................20 Comments by the CEO..................................................................................................................22 Sustainability at Cheffelo .............................................................................................................23 New goals .....................................................................................................................................24 New sustainability goals in 2025 ...........................................................................................25 Highlights 2025 ....................................................................................................................................27 Our material environmental topics ..........................................................................................28 Climate impact and energy .......................................................................................................28 Climate calculation of recipes .................................................................................................30 Food waste and resource efficiency ...................................................................................32 Packaging and waste management ...................................................................................35 Logistics and transport .................................................................................................................37 Sustainable sourcing and food safety ...............................................................................38 Healthy eating habits ......................................................................................................................40 Material social topics .............................................................................................................42 Diversity, inclusion and gender equality ........................................................................42 Employee wellbeing and work environment ...............................................................43 Human rights and anti corruption .........................................................................................46 Social responsibility and local engagement ................................................................47 Governance and risk management .....................................................................................48 Sustainability data ...................................................................................................................49 About this report ................................................................................................................................55 Independent auditor’s report ..................................................................................................56 Table of contents
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22 Sustainability Report Cheffelo 2025 Comments by the CEO When I look back at 2025, one thing stands out clearly: sustainability is now part of how we solve one of the challenges of everyday life for our customers. We often say that “we solve dinner better than anyone else”. For me, that means both tasty home cooked dinners and making it easier for our customers to live a little more sustainably. Dinner without food waste Our model is built on smart planning. When we know what our customers want to cook for dinner during the week, we can buy ingredients more accurately and reduce food waste throughout the chain; from our suppliers to the customers’ fridges. It’s simple maths, but with a big impact: less food waste means a lower climate impact, less wasted resources and better profitability. During the year, we’ve taken several steps together with our suppliers. At our Sustainability & Supplier Event, we gathered around a shared goal: to develop a stronger and more sustainable value chain, where animal welfare, farming and fair working conditions go hand in hand with good ingredients. One example of a change in 2025 was the switch to slower growing chicken in Norway – a decision that strengthens our focus on animal welfare, while we still have to handle the practical realities of market supply and demand. The people behind the box We cannot solve dinner for our customers without the help of all our employees who pack the mealkits, answer customer questions, develop the recipes and build our technology. As AI tools become more common, we see big opportunities to strengthen our employees’ skills and increase their impact on Cheffelo’s continued growth journey. During the year, we there‑ fore invested in rolling out our AI platform together with Sana across the entire organization. The goal is to give employees better tools to do their jobs, learn new things and grow – both in their current role and ahead of future challenges. For us, AI is about amplifying the contribution of each individual so that we can continue to benefit from the economies of scale that come with growth. At the same time, I’m pleased that employee engagement remains strong while we continue to invest in safety, training and leadership. We have continued our partnership with the Red Cross, where both campaigns and direct donations mean that more families receive support when they need it most. To me, this is a concrete example of how sustainability is also about local responsibility: how we turn our strength and success into real benefits for families in the communities where we operate. Economic sustainability strengthens our social responsibility The year 2025 was a profitable one for Cheffelo at a time when many other online food retailers are struggling with losses. I feel both proud and humble about that. Economic sustainability is critical in any business. Without a sound business, we cannot accelerate our growth or invest in product development, new technology or our social partner‑ ship with the Red Cross. When you are a major player, you carry a special respon‑ sibility. Our decisions affect many: customers, employees, suppliers and the communities where we operate. A strong year does not mean that we can rest on our laurels – it means that we must raise our sights: how can we use our position to move the mealkit industry forward? How can we set the bar higher for serving really good dinners while making it easier for our customers to live a bit more sustainably? New goals – same direction During the year, we updated our sustainability goals. They are more concrete, easier to follow up and somewhat more demanding. We know that our work is not done and we will continue to adjust and refine our goals. We also know that sustainability rarely comes from big dramatic changes over‑ night, but from many small, continuous improvements carried out over time – which has also been a foundation of Cheffelo’s success. That is how I want us to continue working: step by step, with curiosity and using a self‑critical approach. A fear of making mistakes along the way must not stop us from trying to do the right thing in the end. Our job is not just to solve dinner tonight, but to do it in a way we can be proud of ten years from now. To all customers, employees, suppliers and partners, I want to say: thank you for pushing us forward. You remind us every day why we do this: to solve dinner better than anyone else and make everyday life a little easier, tastier and more sustainable. Walker Kinman CEO
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23 Sustainability Report Cheffelo 2025 Sustainability at Cheffelo We take a holistic responsibility for our impact on the environment, people and society, with economic sustain‑ ability as a natural component. Our sustainability work is based on the UN Sustainable Development Goals and covers both environmental and social aspects that are central to our industry. In this report, we describe how we reduce our environmental impact, promote employee wellbeing and contribute positively to the communities where we operate. We focus on constantly improving our operations by, for example, reducing food waste, optimizing logistics, choosing sustainable ingredients and ensuring good working condi‑ tions, gender equality and strong community engagement. Our sustainability policy is guided by the UN Sustainable Development Goals and, through our double materiality analysis, we have identified the goals where our operations contribute the most: • Goal 2: Zero hunger Through our partnership with the Red Cross we help to combat hunger and support people in vulnerable situations, while working to reduce food waste in our operations. • Goal 3: Good health and wellbeing We promote health and wellbeing by offering healthy meal options and ensuring safe working environments for our employees. • Goal 5: Gender equality We work actively for gender equality and equal opportuni‑ ties across the entire organization. Environmental focus areas Social focus areas Our sustainability approach Climate change Animal welfare Logistics/transport Customer health Food waste Local CSR* Ingredients Responsible employer Meal planning Packaging • Goal 8: Decent work and economic growth We offer secure and fair working conditions and contribute to local and sustainable economic development. • Goal 9: Industry, innovation and infrastructure We invest in sustainable solutions and innovations to make our operations more efficient and reduce environmental impact. • Goal 12: Responsible consumption and production We reduce food waste, use resources efficiently and choose sustainable ingredients and packaging. • Goal 13: Climate action We measure and reduce our carbon emissions and opti‑ mize logistics to lower our climate impact. • Goal 14: Life below water We strive, as far as possible, to choose ingredients from more sustainable sources and are continuously developing working methods that better respect marine ecosystems. • Goal 15: Life on land We work to increase the share of ingredients produced with better consideration for biodiversity and sustainable eco‑ systems, and we develop criteria and partnerships to drive this change over time. After identifying and clarifying our work in relation to the global sustainable development goals, our strategy focuses on the areas where we have the greatest impact – both environmentally and socially. Through our double material‑ ity analysis, we have ensured that these focus areas are the most significant for our business and our stakeholders. *Corporate Social Responsibility
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24 Sustainability Report Cheffelo 2025 Sustainability Targets Community We support the local communities we operate in Customer Benefit our customers health and be transparent about our ingredients and impact on the the planet Employees As a responsible employer, we are committed to providing a safe, respectful and engaging workplace for our employees Planet Within the environmental space, we track and reduce food waste and our carbon emissions, optimize our logistics setup, use our packaging to increase shelf ‑life and reduce packaging material and we source ingredients responsibly 15% of employees use volunteer days Each year, donate 2% of our net profit to support initiatives that address food insecurity in Nordic households Reduce Scope 1 and 2 with 95% 90% of total waste diverted from landfill or inceneration 50% recycled material in our indirect packaging materials We take inspiration from Nordic Nutrition Recommendations in our recipe development, aiming to make it easier for customers to eat well, while also offering variety and flexibility for all tastes Accident and injury free work environment Implement comprehensive training programs to keep all emplovees future ‑fit with skills relevant to evolving industry standards every three years, starting by 2025 Ensure equal pay for equal work, establishing it as a standard practice across the business Ice in meal kits below 650g per meal kit Limit food waste from our own operation to below 2.5 grams per portion We will ensure that 100% of the ingredients listed in all digital recipes on our platform are interactive, allowing customers to click on each ingredient to access detailed information and thereby enabling full ingredient transparency 50/50 (+/‑10%) gender equality of leadership 100% of all dishes shall display information about their climate impact 2030 2030 2030 2030 2030+ 2030+ 2030+ 2030+ 2030 2030 2029 2029 2029 2029 2028 2028 2028 2028 2026 2026 2026 2026 2027 2026 2026 2025 2025 2025 2025 2025 2027 2027 2027 2027 Strategy Targets and deadlines UN's SDG
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25 Sustainability Report Cheffelo 2025 New sustainability goals during 2025 In 2025, we updated Cheffelo’s sustainability goals to strengthen our work and contribute to a more sustainable development. Our new goals are based on a holistic approach where we integrate environmental, social and economic aspects, aligned with the UN Sustainable Development Goals. All goals now also have a clear deadline. We want to be a driving force for a more sustainable future – for people, the planet and society. Our updated sustain‑ ability goals are both ambitious and concrete and reflect our responsibility across the entire value chain. We want to con‑ tribute to real change while being transparent and inspiring others to join us. • Climate goals (Scope 1 and 2): This year, we are setting clear and ambitious reduction targets for our Scope 1 and 2 emissions. This makes us more comparable with other players and ensures that our efforts align with the global climate agenda. It allows us to track and report our progress in a transparent way and contribute to slowing climate change. The base year is 2022, i.e. when we started calculating these emissions. • Scope 3: For Scope 3, we are still prioritizing high data quality before setting a specific target. At the end of 2025, we had collected primary data from our suppliers relating to ingredient packaging. We want to ensure that all rele‑ vant data is in place and of high quality before formulating a concrete reduction goal for Scope 3, with the ambition to set this goal during 2026. • Ingredient transparency: We want to offer full transparency around our ingredients and highlight the pride we feel in our suppliers. In the future, by making all ingredients clickable in the digital recipes, we will give customers the opportunity to make informed choices and further strengthen trust in our offer. • Waste goal: Our goal is that 90% of waste from our production facilities will be recycled or reused, thereby reducing our environmental impact. This is an ambitious target, which shows that we take responsibility for the entire resource chain. We want to avoid landfill and incineration as much as possible. • Volunteer days, gender equality and equal pay: We want to create an inclusive and fair workplace where everyone can contribute and grow. By promoting volunteer work, gender equality in leadership and equal pay for equal work, we strengthen both our culture and our social responsibility. • Skills development: With forward looking training programmes, we want to ensure that all employees have the skills needed to meet tomorrow’s challenges. • Nutritious recipes: Inspired by the latest Nordic nutrition recommendations, we want to make it easier for our customers to eat tasty, varied and healthy food – with flexibility for all tastes. Through these goals, we take a holistic approach to sustain‑ ability and show that we are serious about our responsibility – both today and in the future.
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26 Sustainability Report Cheffelo 2025 Goals achieved and goals phased out We are proud to have already achieved several important goals, which shows the power of collaboration and long term focus: • 2% of net profit to food insecurity: We allocate 2% of our net profit annually to initiatives that counter food insecurity in Scandinavian households, through a collaboration with the Red Cross in all our countries. • 100% renewable energy: Through GO* certification in all countries, we have ensured that all energy at our offices and production facilities comes from renewable sources • Supplier responsibility: All key suppliers have approved Cheffelo’s Supplier Code of Conduct, which strengthens our responsibility throughout the value chain. We have also chosen to phase out some goals in order to focus on areas where we can make the greatest difference and where the targets are clearly measurable: • Diversity in recruitment: We have removed the goal that one in four candidates in new recruitment should come from underrepresented groups. The reason is that the goal proved too vague, which made it difficult to follow up and measure reliably. However, this does not mean that we stop working consciously with diversity in our recruitment processes. Our ambition remains that Cheffelo’s workforce should reflect the diversity of society. Today, we have employees from many different countries and with a wide range of ethnic backgrounds and cultures, meaning that we are far from a homogeneous organization. • Solar panel installation: The goal to install our first solar panel system at production facilities has been dropped because we only rent our premises and now have 100% renewable electricity at all sites. We therefore no longer see this goal as relevant. We continuously evaluate our goals to ensure that they are relevant, possible to follow up and have real impact. By be‑ ing open about both successes and changes, we strengthen our credibility and our commitment to sustainability. *GO (Guarantee of Origin) is a certificate system where we buy guarantees of origin that ensure that an equivalent amount of electricity is produced from renewable sources, even if the physical electricity we use may be a mix in the grid.
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27 Sustainability Report Cheffelo 2025 Highlights 2025 AI – learning that makes a difference In 2025 Cheffelo invested in its own AI platform as a central part of our focus on innovation and people development. The platform gives everyone at Cheffelo access to power ‑ ful AI tools in their daily work. 2025 was a year when Cheffelo took several decisive steps towards a more sustainable future – together. It was a year of curiosity, courage and collaboration, where we dared to try new things while staying true to our values. Here are some of the key moments that shaped our sustainability work during the year: New goals for the future We have set new sustainability goals that point the way forward and clarify our responsibility, to the planet, to our customers and to future generations. Read more on page 25. Together with the Red Cross No one can do everything; but together we can make a real difference. This year we deepened our partnership with the Red Cross, supporting families in our local communities through direct donations and joint campaigns, for people in vulnerable situations. ” By investing in AI tools for everyone, we’re signaling that we believe in our people’s potential and want to give them the best conditions to succeed. We’re building skills that are valuable both at Cheffelo and in their future careers, wherever those may lead. Anton Nytorp, CTO. 100% 100% slow-growing chicken in Norway We know animal welfare matters. That’s why we now serve only slow‑growing chicken in Norway, just as we already do in Denmark. It’s an important step towards better conditions for the animals and more responsible meat production. Read more on page 39. Our first Sustainability & Supplier Event For the first time we brought our suppliers together for a dedicated sustainability event. The aim was to shine a light on our sustainability ambitions and the importance of a strong, responsible value chain. Less food waste 36% less than in 2024. We’ve reached our target of keeping food waste below 2.5 g per portion. Food waste from our production now weighs about as much as a single large almond. AI 1,6 gram per portion
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28 Sustainability Report Cheffelo 2025 Climate impact and energy Goals and performance 0 100 200 300 400 500 Scope 1 and 2 Our commitment Our low carbon ambition is to limit the climate impact across our entire operations. Target Reduce our Scope 1 and 2 greenhouse gas emissions by a total of 95% by 2030 compared to the 2022 baseline. Process Emissions per scope, tons CO₂e 2022 2023 2024 2025 Scope 1 Refrigerants & fuel from leased cars (refrigeration and air conditioning) Scope 2, market-based Energy consumption SDGs We work systematically to reduce our climate impact through more efficient resource use across the entire value chain. Through our services, we help households plan their shopping, reduce food waste and avoid unnecessary trips to the store – which both lowers emissions and makes it easier to live more sustainably. Our climate work is guided by a materiality analysis where we have identified the parts of the value chain that account for the largest share of emissions and are most important to our stakeholders. By focusing on these areas, we make sure our actions have the greatest possible effect. In 2025, we expanded our reporting according to the GHG Protocol*. We improved data quality, especially for Scope 3, by identifying and correcting errors in the 2024 data and by collecting more detailed packaging data directly from our suppliers. By integrating data for Scope 1, 2 and 3, we now have a more complete picture of where our emissions arise and can target actions where they have the greatest benefit. Scope 1 and 2 emissions In 2025, we saw a clear reduction in our Scope 1 emissions, which consist of refrigerants and fuel from leased cars (cool‑ ing and air conditioning). Compared with 2024, emissions decreased from 10.8 to 4.1 tons CO₂e, a reduction of about 62%. Compared with our base year 2022 (4.3 tons CO₂e), this corresponds to a reduction of about 5%. The decrease was mainly due to fewer kilometers driven with leased cars and significantly lower additions of refrigerants. See Table 1 in the data section.) Scope 3 emissions Because 2024 was the first year that we reported our Scope 3 emissions, some errors arose which we describe in the chapter Sustainability data – corrections in Scope 3 and iden‑ tified data gaps. After correcting these deviations, it is now very valuable for us, for the first time, to be able to compare our Scope 3 emissions over time. This gives us a better basis for identifying and implementing clear measures to reduce these highly material emissions. Scope 3 emissions account for 99.8% of Cheffelo’s climate impact. The largest share comes from purchased goods and services, especially ingredients (84,1% of our Scope 3 emissions), which clearly underlines the need for sustainable purchasing practices. Packaging, transport and distribution – including deliveries to customers – are also significant emission sources where optimization can deliver real climate benefits. Between 2024 and 2025 our Scope 3 emissions per MSEK net revenue increased from 20.3 to 23,6 tons CO₂e, an increase of around 16%. This was mainly due to improved methods for data collection and for ensuring quality, particularly for packaging of ingredients. In addition, our expanded offering, *The GHG Protocol (Greenhouse Gas Protocol) is an international standard for how organisations should calculate and report their greenhouse gas emissions, divided into three emission categories (Scopes 1, 2 and 3). Goal 2030
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29 Sustainability Report Cheffelo 2025 6,9% Downstream transportation and distribution Last mile and linehaul logistics 4,7% Purchased goods and services Indirect packaging 3,2% Purchased goods and services Ingredient packaging 0,6% Employee commuting Employee commuting to all sites 0,3% Upstream transportation and distribution Freight for transportation of indirect packaging and ice from storage to own warehouse 0,2% Business travel Hotel stays and air and train travel 0,1% Fuel and energy related activities not included in Scope 1 and 2 Production and transport of fuel for leased vehicles & Generation, transmission and distribution of district heating and electricity (Scope 2) 0,04% Waste generated in operations Transport and treatment of waste 0,03% End of life treatment of sold products Indirect packaging waste treatment 0,0% Upstream leased assets Warehouse for ice Purchased goods and services Ingredients 84,1% Scope 3, emissions (tCO₂e) 2025 A diagram shows Scope 3 emissions by category in percent, based on the underlying figures in Table 2: Categorised Scope 3 emissions which allows customers to freely compose their mealkits with any recipes of their choice has led to higher sales of ingredients with a larger climate footprint. As part of our work, we are developing climate labelling of our recipes to facilitate customers in making more informed and sustain‑ able choices without sacrificing flexibility and choice.
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30 Sustainability Report Cheffelo 2025 In 2025, the average climate impact of the dishes our customers received in their mealkits was 1.3 kg CO₂e per portion. This shows that we are at a relatively low level across our total range. Dishes with a low climate footprint are defined according to the RISE standard* for sustainable diets, aligned with the 2030 climate targets. Together with our nutrition calculations, this is an important step towards reducing the climate impact of meals by 2030. Dishes categorized as low climate impact are, according to the RISE* standard, have a maximum of 0.9 kg CO₂e per portion. In Cheffelo’s 2025 menu, 61% of our meals were below this threshold. In 2026, we will group recipes with low climate impact to make it easier for our customers to make sustainable choices at the dinner table. The climate calculations are based on life cycle assessments (LCA) and consider green‑ house gas emissions across the value chain – from agriculture and fishing through the food industry up to the point where the product is ready to be shipped to the customer. We spoke with Malin Alterstav, Head of Sustainability at Cheffelo, about this development and what it means for the company and our customers. Malin Alterstav Head of Sustainability What did the process of climate calculating all recipes involve, and what were the biggest challenges in match - ing against the RISE climate database? Climate calculating all recipes was an extensive task and required both technical competence and close collaboration among several functions. The first step was to match our entire ingredient database – which contains thousands of different items – against the RISE climate database to obtain emission factors for each ingredient. This was time consum‑ ing, because our ingredients had to be mapped and matched correctly to ensure accurate data. One of the biggest challenges was integrating the climate data into our existing systems so calculations could be performed automatically for each recipe based on portion size and ingre‑ dient quantities. This required technical solu‑ tions that connected our recipe database with the climate data in a secure and efficient way. We work continuously to assure the quality of our climate data through regular reviews and updates from the RISE database. When new emission factors become available or if we change supplier for an ingredient, we update our calculations. The key lesson is that this work requires cross functional collaboration. We have worked closely with our menu team, purchasing team and data and tech departments to ensure that everything functions together. Climate calculation of recipes How have you used the RISE assessment to categorize recipes with “low climate impact”, and what will this mean for customers in practice? RISE has developed science based reference values for what can be considered low climate impact in line with the 2030 climate targets. We have used these reference values as the basis for our recipes. Recipes that fall below the threshold for CO₂e per portion will be marked as “low climate impact” in our system. *RISE Food Database is an independent, scientifically based database with nutritional values and other information about foods on the Swedish market. It is used as a reference when calculating nutritional content, product develop ‑ ment and various types of food analysis. The database is managed by RISE – Research Institutes of Sweden. 61% of our entire offering in 2025 was classified as low climate footprint – according to the RISE standard.
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31 Sustainability Report Cheffelo 2025 Our communication strategy is based on simplicity, trans ‑ parency and freedom of choice. Customers should be able to easily identify which dishes are more climate smart with ‑ out needing to understand all the details behind the calcu ‑ lations. We don’t want to overload customers with numbers and technicalities, but rather give them clear tools to make climate smart choices. By making the more sustainable options visible and accessible, we can influence behavior positively without customers feeling pressured. How do climate calculated recipes support Cheffelo’s overall climate strategy, and how do you see this work evolving? We know that our ingredients, and the emissions from them, are highly material to our climate footprint. With increased transparency, we can now see exactly which ingredients contribute most to our Scope 3 emissions, which enables more informed decisions about our range. It also makes it possible to set concrete goals. By measur ‑ ing climate impact per portion or per revenue we can track our progress over time and work to reduce the average climate footprint of our recipes. Ultimately, though, it is the customer who chooses what’s for dinner, and we will not force food on them that they do not want. We see this instead as guidance to help customers make climate smart choices if they wish. By making it easier to choose climate smart options, together we can reduce the climate impact of meals.
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32 Sustainability Report Cheffelo 2025 Food waste and resource efficiency Goals and performance 0 2 4 6 8 10 Denmark Norway Sweden Our commitment Our low food waste target is an initiative to limit the climate impact of our own operations. But we also have initiatives to reduce waste along our entire value chain. Target Limit food waste from own operations to less than 2.5 grams per serving by 2026. Process Food waste in production, g/portion 2024 2025Goal 2026 SDGs Reducing food waste along the whole value chain, from suppliers to production and into customers’ homes, is a central part of Cheffelo’s business model and sustainability work. Food waste contributes both to unnecessary green‑ house gas emissions and to inefficient use of resources. Through systematic efforts to prevent waste, we create a positive impact for both the environment and our customers. During the year, we continued to map and reduce food waste in our production. Through improved working processes, we have managed to reduce waste further. Total food waste in production in 2025 was 1.6 grams per portion, compared with our target of 2.5 g per portion, a reduction of 36% compared with the previous year. Mealkits can also help to reduce waste in households. Research shows that waste from mealkits accounts on average for about 2% of a meal’s total climate impact, compared with about 10% for equivalent meals based on purchases in a grocery store (Heard et al., 2019). This is partly because ingredients are pre portioned according to the recipes, which reduces the risk of leftovers being thrown away. ' Heard, B.R., Bandekar, M., Vassar, B. & Miller, S.A. (2019). Comparison of life cycle environmental impacts from meal kits and grocery store meals. Resources, Conservation and Recycling, 146, 271–279. https:/ /doi.org/10.1016/j.resconrec.2019.03.014 As much as the weight of an almond ” Our ordering model is at the core of our low waste level. We can demonstrate that we have one of the lowest food waste per portion delivered in the market, which is a direct result of only ordering what customers actually want. Frank Holm, Customer Insights Manager
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33 Sustainability Report Cheffelo 2025 Initiatives in 2025 included: • Collaboration with a supplier that produces stir fry vegetable mixes from produce that could not otherwise be sold, which we use in our mealkits. • A welcome leaflet for new customers focusing on optimal storage of ingredients. Exceptionally low food waste – thanks to our business model Our business model is unique in the industry: we place orders with suppliers only after customers have chosen their mealkits. This means we never stock more than what is actually needed, leading to exceptionally low food waste compared with traditional grocery stores. By ordering exactly what is needed, we minimize the risk of overstock and unnecessary waste, both in our own operations and at our suppliers. Reduced waste through optimized processes and local partnerships Because we order ingredients only after the customer has placed an order, we can optimize purchasing and keep waste at a very low level. We do not maintain a warehouse of fresh ingredients, which means that we avoid large volumes of unsold food. To ensure we always have enough ingre‑ dients, especially delicate products that can be damaged in transport, we sometimes order slightly higher volumes than customers have purchased. Most of any surplus can be returned to suppliers, who then have the opportunity to sell it on. An important part of our work is ensuring that any edible surplus food is used in the best possible way. Through reuse and donations to local charities and food banks, we reduce food waste, while also supporting society. • In Mölnlycke, we collaborate with the Smyrna Church, which serves meals to 55–75 people in need every day. • In Oslo, we sell surplus food to Holdbart, which resells it at reduced prices. We also donate surplus food to Matsentralen, which distributes it to people in need. • In Helsingør, we have a system in place where production staff can take surplus ingredients home.
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34 Sustainability Report Cheffelo 2025 Ambition to reduce waste in customers’ homes By offering meals adapted to customers’ needs and prefe ‑ rences we help reduce food waste. In 2025, we introduced a welcome leaflet for all new customers, based on our most common customer questions about storage and shelf life. The leaflet explains step by step where food should be stored, at what temperature and how ingredients are best handled to stay fresh longer. In this way, we want to help reduce waste in our customers’ kitchens too. We use customer data and feedback to understand which dishes are appreciated and which ingredients are more likely to be left over. These insights help us improve recipes and portion sizes so that food is eaten and not thrown away. We spoke with Frank Holm, Customer Insights Manager at Cheffelo, about how customer insights support higher satisfaction and lower waste. How do we use customer insights and data to ensure that customers get food they really want and that the family actually eats? We continuously collect and analyze data on customer preferences; both what they explicitly state and their behavior when they change menus. We combine this with feedback on dishes, such as ratings, comments and information about meals that were not cooked, and adjust our menus week by week to offer as relevant a selection as possible. One important insight is that dishes with longer cooking times are more likely not to be cooked, which has led us to focus more on quick recipes. Based on customers’ needs, we have also introduced options for 3 and 5 portions so that more households can choose exactly the quantity that suits them – something that increases satisfaction and reduces waste. Customer loyalty and retention are important for long term sustainability. How do customer insights help build a loyal customer base that continues to choose Cheffelo? Our goal is to make everyday dinners easier for families, with meals everyone enjoys and that make it simpler to serve something nutritious. With the help of an algorithm, we tailor weekly menus based on customers’ preferences, purchase history and feedback, analyzing both what they say they want and what they actually choose. This allows us to continuously improve our recipes, assortment and features. We measure customer satisfaction at several points along the journey and complement this with targeted surveys to identify new needs. By working systematically with the whole service – not just the food – we strengthen loyalty, reduce churn and increase purchase frequency, which makes our operations more resource efficient and sustainable. Frank Holm Customer Insights Manager Rating 2025: 76,4 The rating is based on customers' own reviews, where ratings are given on a scale from 1 to 5 stars. A summary of the results is reported in Table 5 . How does your work with customer insights contribute to Cheffelo’s overall sustainability goals, especially around minimizing food waste and creating value for customers? We track how important reduced food waste is for our customers and whether they feel we help them waste less. Surveys show that customers value this highly and also associate Cheffelo with low waste, which confirms that we are on the right track. To reduce waste, we finetune portion sizes and ingredient quantities based on feedback at ingredient level and in close collaboration with suppliers. When we make changes, we follow up how customers react to ensure the right balance between how filling the meals are and minimal waste. Going forward, we will increasingly use AI to analyze customer data, detect trends faster and find new ways to reduce food waste, optimize portions and create even more value for customers, fully aligned with our sustainability goals. Our average customer rating in 2025 was 76.4 out of 100 (see Table 5 on ratings). Ratings are based on customers’ own evaluations on a 1–5 star scale.
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35 Sustainability Report Cheffelo 2025 Goals and performance Our commitment To limit the environmental impact of our own operations through the following goals: Targets • 50% recycled content in indirect packaging by 2030 • Ice in grocery bags under 650g per grocery bag by 2026 New target • 90% of all waste to be diverted from landfill or incineration by 2030 Process Recycled material 2025 A deviation of 12.1 percentage points from the target of 50% recycled content. Target year 2030. Ice in grocery bags 2025 Target year 2026 Waste should be diverted from landfill or incineration Target year 2030 SDGs Packaging and waste management Packaging and waste management Delivering high quality food requires carefully considered packaging that protects the food, preserves shelf life and thereby helps reducing food waste. At the same time, packaging is one of our biggest climate challenges and accounts for a significant share of our Scope 3 emissions – in total around 2.2 ktonnes CO₂e during the year, corresponding to 7.8% of Cheffelo’s total Scope 3 emissions. In 2025 we collected detailed packaging data from all our suppliers. This allows us to map the most important indirect emissions, identify improvements and reduce climate impact throughout the value chain, in line with new legal requirements for reporting and transparency. Together with our suppliers we are working to reduce the amount of packaging and improve recyclability, without compromising product quality or food safety. One example is the shift from rigid to vacuum packaging, which has significantly reduced plastic use while maintaining quality and safety. The cartons Our carton optimization project, completed in 2024, has enabled us to better adapt the size of each box to the ingredients in the bag. This has improved fill rate and the efficiency of our logistics. At the same time, our carton volume per delivery has increased by about 5% compared with 2024. This increase is primarily due to changed customer behaviour and a broader customer offering, rather than poorer resource efficiency. During 2025, add on products and groceries grew strongly, with sales increasing by 43.6%. These products, often breakfast items, snacks and other complementary goods, are packed in separate boxes. When more customers choose these extras, this leads to a certain increase in the amount of carton per delivery, but it also means that more of the household’s needs can be covered in the same delivery, which can reduce the need for separate trips to the store. Cooling elements in the boxes In 2025 we used an average of around 800 grams of ice per delivery. This means we now need to assess whether our target of 650 grams per delivery by 2026, set in 2024, is too ambitious, given that food safety and quality must always come first. In 2025 our use of ice, and thereby the amount of plastic used for ice bags, increased in all countries. The increase can be explained by three factors: • growing volumes in our operations • a significant increase in the thickness of the ice bags, driven by the challenge of leakages in the mealkits • an unusually warm summer period, especially in July, which increased the need for extra cooling to ensure food safety 50% 90% 650g 37,9% 85,9% 800g 0% 0% 0g
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36 Sustainability Report Cheffelo 2025 The trend differs between countries. In Norway, plastic use in ice bags has increased the most, by around 190% between 2024 and 2025. Meanwhile, we continuously optimize our cold chain solutions and packaging to ensure quality and food safety with as low resource use as possible. We also give customers tips on how to recycle and reuse packaging at home. As the ice bags contain only tap water, they can be reused as cooling elements, the water can be used for watering plants, and the plastic can be recycled. Digital recipes – easier for customers and better for the environment In 2025, we made it simpler for customers who do not need printed recipes to opt for digital ones instead. The aim is to avoid unnecessary paper consumption while creating a smoother user experience: digital recipes can easily be shared with family and friends and are not tied to the original account holder. In 2026, we will continue developing more features linked to digital recipes, with the goal of increasing the share of customers who choose to opt out of printed recipes and thereby reduce our resource use. Minimizing environmental impact Other packaging materials that we add in production aside from ingredient packaging include the mealkit carton, printed paper recipes, EPS cooling boards (Denmark only), ice bags and plastic film for pallet wrapping. These materials form the basis for the calculations in Table 6: Indirect packaging material in production. In 2025, we used about 0.8 kg of indirect packaging material per mealkit on average, an increase of 4.6% per mealkit compared with 2024. This relatively small increase should be seen in light of the fact that we significantly expanded our offering in the same period, including more add on products and groceries. The extra products mean more of the customers’ needs are covered in one delivery, which can reduce separate shopping trips and associated transport. Going forward, our ambition is to gradually reduce packaging per mealkit over time while strengthening the value of our offer. Our main approaches to reducing packaging impact are: • Using circular systems such as EuroPool for transport packaging and ensuring other packaging is recyclable. • Adjusting mealkit carton size to the amount of food. • Allowing customers to opt out of printed recipes in favor of digital ones. • Working with suppliers to reduce the amount of, and improve the recyclability of, individual food packages without compromising quality. Waste management and sorting We work actively to meet new legal requirements for packaging. Together with local producer responsibility organizations, we ensure that data on our packaging and the resulting waste – both in our operations and at customer level – is reported correctly and in line with current regulations. Waste at our production facilities mainly consists of single use transport packaging from suppliers. We strive to reduce this through collaborations that increase the use of circular systems such as EuroPool. All single use waste we receive, as well as other production waste, is carefully sorted to ensure a high recycling rate. We continuously track our total waste (see Diagram 2: Total waste) which in 2025 fell below 0.4 kg per delivery – a 24.5% reduction since 2022. We also monitor our diversion rate (see Diagram 1: Waste diversion ), meaning the share of waste not sent to landfill or incineration. In 2025, 85.9% of our waste was sorted and recycled – a positive trend mainly driven by reduced food waste and more efficient sorting. In 2026, we will launch a project in production to map our waste more systematically and identify potential improvements. The goal is to create a clear action plan to reach our 2030 target: 90% of waste to be sorted and recycled rather than sent to incineration or landfill. In Denmark, we have recently introduced new sorting bins that allow more waste fractions, a concrete step towards achieving this target. Together with our ongoing efforts to reduce food waste, this already contributes to a higher diversion rate and a lower need for incineration. 09:40
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37 Sustainability Report Cheffelo 2025 Logistics and transport *Goodchild, A., Wygonik, E. & Mayes, N. (2018). "An analytical model for vehicle miles traveled and carbon emissions for goods delivery scenarios." European Transport Research Review, 10, 8. https:/ /doi.org/10.1007/s12544‑017‑0280‑6 *Heard, B.R., Bandekar, M., Vassar, B. & Miller, S.A. (2019). Comparison of life cycle environmental impacts from meal kits and grocery store meals. Resources, Conservation and Recycling, 146, 271‑279. https:/ /doi.org/10.1016/j.resconrec.2019.03.014 Through our logistics chain we deliver on our core prom‑ ise: to bring good quality ingredients and inspiring recipes straight to our customers’ doors. Logistics is also one of Cheffelo’s most important tools to reduce environmental impact in the food chain. Our transports accounted for about 1.9 ktons CO₂e in 2025, which corresponds to 6.9% of Chef‑ felo’s total emissions. This transparency gives us a basis for setting clearer targets in upcoming tenders with our logistics partners. In 2026, we will tighten our supplier requirements in contract negotiations and ensure that we create a more sustainable future together. Home delivery and environmental impact Home delivery is the most climate friendly option for many customers – something that may feel counterintuitive, but the explanation is simple and important for us to communi‑ cate. When a customer needs to drive to a grocery store or pick up point to collect their food, that journey must be included in the climate footprint. Many of these trips are made by car, creating substantial emissions per person. A delivery vehicle, on the other hand, serves many customers on one route. Instead of several cars with each one driving from home to store and back, the food for all households is transported in a single trip. Emissions are shared between customers, meaning the climate impact per person is significantly lower (Goodchild, Wygonik & Mayes, 2018; Heard et al., 2019). Additionally, our goods go directly from suppliers to us and then to the customer, while grocery stores often receive most goods via central warehouses – adding more transport stages and emissions. Our collaboration with last mile provider MoveByBike in Malmö and Stockholm shows how cycle based deliveries can reduce emissions in dense urban areas. At the end of 2025, MoveByBike accounted for 10.2% of our deliveries in Sweden, and we see strong potential to further increase the share of fossil free delivery solutions in cities. Research shows that home delivery of groceries can significantly reduce CO2 emissions compared with individual shopping. Studies show reductions of 20–75% for randomly distributed deliveries and up to 80–90% when deliveries are geographically clustered (Goodchild, Wygonik & Mayes, 2018). For mealkits, the benefits are even greater – the last distribution step accounts for only about 4% of emissions for mealkits compared with about 11% for equivalent meals from grocery stores, as mealkit deliveries are often combined with existing postal routes (Heard et al., 2019). Cheffelo’s home delivery model is therefore not only convenient – it is in fact one of the most climate efficient ways to buy food. By combining direct delivery with careful recipe planning that reduces food waste, we contribute to a significantly lower environmental impact than many alternatives. From measurement to action By mapping emissions and separating them into linehaul and last mile deliveries, we have created a clear baseline for future work to reduce logistics emissions (see tables under Sustainability data – Logistics ). During the follow up of 2024 data, we found that the original quality assurance had not been sufficient, meaning some assumptions and data sources had to be reviewed (see Sustainability data – corrections in Scope 3 – identified data gaps ). In 2025, we therefore strengthened our work on data qual ‑ ity in this category. We deepened our review of underlying data and complemented our sustainability reporting tool with more detailed calculations, which involved close co ‑ operation between the sustainability and analytics teams. As a result, we now have a more representative and robust data set for our delivery related emissions, better reflect ‑ ing our actual impact and providing a solid foundation for future targets and measures.
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38 Sustainability Report Cheffelo 2025 Sustainable sourcing and food safety Every recipe we create is the result of close cooperation between chefs, nutrition experts and buyers who choose ingredients with great care. We aim, as far as possible, to use local suppliers and we only purchase Scandinavian meat and animal products – a priority that reflects our commitment to the environment and animal welfare. Our production and packing are characterized by care and precision and our service is continually improved based on customer feedback and recipe/delivery ratings. Transparency We want to provide full transparency around our ingredi ‑ ents and show the pride we feel in our suppliers. Through our new goal – to make information available at ingredient level in our digital recipes by 2030 – we can enable cus‑ tomers to make informed decisions and strengthen their trust in our offer. At Cheffelo, we believe in creating trans‑ parency and closeness between consumer and producer. In 2025, it was the first year that we made sustainability the main theme at our supplier day – “Sustainability and Sup ‑ plier Event”. A close partnership with suppliers is crucial – and something we believe our customers can notice when they receive carefully selected ingredients in their mealkit. Animal welfare We want to give our customers flexible and easy options when choosing meals. By being able to filter and select among many unique dishes each week, each family can tailor the mealkit to their own needs. It is important to us that all ingredients meet high standards in relation to food safety, taste, climate impact and animal welfare. Animal based proteins typically have a higher climate footprint than plant based ones, and when choosing suppliers, we also take animal welfare into account to ensure good standards. We strive to offer animal proteins that are locally produced, meaning animals are born, raised and slaughtered in the country where the product is sold. Our Scandinavian suppli‑ ers are already subject to strict animal welfare regulations, which is also a requirement in Cheffelo’s Supplier Code of Conduct. In 2025, we took an important step in Norway by switching to 100% slow growing chicken, something that was already standard in Denmark. This shift was made possible through close collaboration with our supplier Berika. Berika also received Cheffelo’s Sustainability Award, with the motivation: “This company has set a new standard for sustainability – raising the bar for animal welfare with slow growing chicken from Ytterøy and making plant based protein a natural part of Cheffelo’s range through FlowFood.” The market in Sweden looks different from Norway and Denmark, but we can now offer a smaller selection of slower growing chicken from Bjärekyckling every week. ” The recognition from Cheffelo means a lot to us. The transition to 100% slow ‑growing chicken in Norway is the result of a close and trusting collaboration, where together we have raised both animal welfare and quality throughout the value chain. The fact that FlowFood is also highlighted shows how important innovation in plant ‑based protein has become ‑ and how our partnership with Cheffelo gives us the space to develop sustainable solutions that actually reach the end consumer market. For us, the award is proof that long‑term thinking, openness and shared ambitions create truly sustainable development. Christian Michaelsen, Berika
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39 Sustainability Report Cheffelo 2025 Oda Skuggedal Wilhelmsen Nordic Customer Service Manager ECC Cheffelo’s goal has been that all chicken suppliers should meet the European Chicken Commitment (ECC) by 2026. Despite dialogue with current and potential suppliers, the reality is that we cannot yet secure a sufficient supply of local ECC certified chicken in our markets. We have therefore had to adjust this goal somewhat. We remain committed to transitioning to slow growing chicken and to working towards the ECC over the longer term, but the timeline must be flexible and in step with the industry development. We actively encourage our suppliers to move towards slow growing breeds with higher welfare and ECC compliance and during the year we have contacted several players in the industry to signal that we are open to collabo‑ rations that can accelerate this shift. Buying ECC chicken from countries where we do not oper‑ ate is currently not an option, as we prioritize local meat in line with our purchasing guidelines. Consumers highly value local production, and local resilience and self sufficiency have become increasingly important. Despite these challenges, we made progress during the year, the most significant being that since the turn of the year we only offer slow growing chicken in the Norwegian market. We have already achieved this in Denmark. In Table 10: Suppliers’ status in relation to the ECC we show the average status of our chicken suppliers in fulfilling ECC requirements, where many are implementing changes. Food safety and quality Quality and food safety are fundamental at Cheffelo. Our customers must be able to trust that we deliver ingredients that both taste good and are safe to eat. Quality assurance is embedded in every step; from close dialogue with suppliers and strict production routines to distribution to the customers’ doors. In 2025, we received food safety related complaints on 0.005% of all delivered meals, which was in line with the already low level in 2024. Our ambition remains zero serious incidents. With direct contact with each customer, full traceability of all ingredients and careful follow up of each complaint, we can act quickly and continuously strengthen our quality and safety routines. Our quality work does not stop when the mealkit is deliv‑ ered. Through ongoing dialogue with customers, we gain valuable knowledge about which ingredients and products perform well, and which need improvement. Customer feedback also drives the development of our packaging solutions, where we constantly seek a balance between food safety, sustainability and customer preferences. We spoke with Oda Skuggedal Wilhelmsen, Nordic Customer Service Manager at Cheffelo, about how customer dialogue contributes to quality, sustainability and long term relationships. How do you use feedback and dialogue with customers to improve the quality of ingredients and to develop packaging solutions? Customer feedback is a central part of our quality work. We collect comments via chat, phone, e mail, complaint forms and recipe and delivery ratings. An LLM* based solution helps us automatically capture quality related comments for customer service, which handles complaints where customers receive responses and compensation when needed. All feedback is categorized – for example broken packaging or poor quality ingredients – and followed up in quality reports at category and ingredient level. Cross functional working groups and regular meetings ensure that we turn insights into concrete improvements. We also inform customers about how best to maintain food quality after delivery through articles and information videos. We take feedback on sustainability into account – such as more local ingredients, more vegetarian options and reduced plastic – which has led to working groups that have developed long term solutions together with suppliers. Through close collaboration between customer service and other departments, we make sure that customers’ experiences actually influence both raw material quality and packaging solutions. *LLM stands for “Large Language Model”, a type of advanced AI trained on large amounts of text to understand, sort and summarize text data. We use it to automatically identify and categorize customer comments about quality and packaging. What do “sustainable customer relationships” mean to you, and how does your team build long term relation- ships based on trust and open dialogue? Our service is designed to make everyday life easier for customers. Sustainable customer relationships mean that customers feel we listen, take them seriously and strive for long term solutions – not just short term remuneration. Many customers primarily want to ensure that errors do not recur, which makes dialogue about improvements especially important. Customer service is fully integrated into Operations and colla borates closely with production, logistics, purchasing and quality management. By asking for pictures and descriptions of issues, we involve customers in quality work and many also contribute their own suggestions. When customers see that their input leads to concrete actions, we build long term, trusting and sustainable relationships.
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40 Sustainability Report Cheffelo 2025 Healthy eating habits Inspired by the Nordic Nutrition Recommendations, Cheffelo aims to make it easier for customers to eat healthy food while offering variety and flexibility for all tastes. By providing a wide range of well balanced meals, we want to encourage good eating habits. Our recipes are developed by a dedicated meal team with support from our nutrition council, which reviews the nutritional content of recipes every quarter and ensures alignment with our internal guidelines and goals. Current situation and opportunities During the year, we broadened our assortment, giving customers the opportunity to freely choose from even more unique dishes each week and to adapt weekly menus to their everyday life, tastes and preferences. This flexibility makes it easier to cook and eat food they really enjoy, which in turn leads to more home cooked meals, clearer portion sizes and fewer impulse purchases – and less food waste – compared with when customers plan and buy everything themselves. For many of our customers, the mealkit means they eat more varied and more nutritious food than before, with more home cooked meals and portion sizes that are easier to control. In the pre selected menu suggestion a customer receives, we put a strong focus on variety and balance, using set preferences and history to create a well thought out menu – a service that makes the good choice the easy choice. Our broad range includes dishes with different profiles – from vegetarian and fish to chicken and red meat. With clear instructions and tailored ingredient quantities, we help customers to make more conscious choices than in a traditional everyday routine and to avoid impulse shopping. During the year, we saw increased sales of both vegeta‑ rian and red meat dishes, but chicken remains the most frequently chosen protein. The growing share of chicken and vegetarian options is positive for both nutrition and sustaina‑ bility. At the same time, we see ongoing potential to make it simpler and more attractive to choose fish and whole grains. Poultry Pork Fish and seafood Plant-based Beef Game (0%) 17% 27% 11% 27% 17% Distribution of proteins from recipes in our range in 2025 (Cheffelo, %) Based on Table 11.
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41 Sustainability Report Cheffelo 2025 Looking ahead We continuously work to improve the nutritional profile of our range and see a continued need to support customers in making healthy choices. In 2025, we launched a “Low calorie” concept for customers who feel better by reducing calorie intake from their dinners – a concept that will be expanded in 2026. In 2026, we will also launch the “Balance” initiative, making it easier to choose dishes with a high share of vegetables, whole grains and lean proteins. In parallel, we continue to develop our digital tools, such as the pre selector function, to guide customers towards more nutritious choices in their weekly menus. In 2026, we will join “Grøntløftet” – a Norwegian retail initiative – with the aim of increasing the consumption and share of fruit and vegetables. Nutrition calculations and outcomes Overall, Cheffelo’s range is in line with our internal guidelines in Table 12: Nutrition targets. We continue to follow up and develop our nutrition work in close dialogue involving the nutrition council, menu creators and planners. Cheffelo has an ambitious goal of an average of 200 grams of vegetables per portion. In 2025, we almost reached this, with an outcome of 198 grams per portion. We see the 1% deviation as positive, especially given that we extended our offering to 3 and 5 person households. Variations in vege‑ table sizes have been a particular challenge in ensuring the same amount in every portion. Our average salt content per portion in 2025 was 3.2 grams, slightly above our target of 3.0 grams. Meanwhile, we want to reduce food waste at home, which includes encouraging customers to use whole packs of sauces or stock. Our “tear and pour” project will provide smaller packaging sizes, for example for soy sauce, giving customers better control over how much they use. As we have introduced 3 and 5 person dinners, we have also had to adjust the sizes of some sauce and seasoning packs – work that continues so we can better support both our nutrition goals and our ambition to minimize waste.
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42 Sustainability Report Cheffelo 2025 Diversity, inclusion and gender equality Goals and performance Our Commitment As a responsible employer, we provide a safe, respectful and engaging workplace for our employees Targets • 50/50 (+/- 10%) gender parity in leadership by 2030 • Ensure equal pay for equal work as standard by 2027 Process Women in leadership SDGs Diversity, inclusion and gender equality are central parts of who we are at Cheffelo. We know that different perspectives make us stronger – both as a workplace and as a company – and we work actively to ensure that all employees have real opportunities to develop and take responsibility regardless of their background or role. In 2025, we took important steps to strengthen this work. Through our common Team Leader Training programme, all managers and team leaders received the same framework and tools to provide clear, present and inclusive leadership. The program has been implemented at our production facilities in all countries and has contributed to an even more cohesive and robust leadership culture at Cheffelo. In December 2024, Cheffelo had 399 employees, compared with 406 in December 2025. Our workforce consists of 147 employees in Sweden, 205 in Norway and 54 in Denmark. Total full time equivalents (FTEs) rose slightly from 267 in 2024 to 272 in 2025. Women account for 50.6% and men for 49.4% of our workforce, which means we have an overall gender balance. We work with diversity and inclusion, which includes aiming for balanced gender representation in the organization and in leadership roles. Gender balance in leadership is a clear way to measure our progress. At the beginning of 2025, 29.1% of our leaders were women; by the end of December this had increased to 32.7%. On our Board, women make up 40% of members and in our executive team 14.5% are women. We recognize that we still have some distance to go, especially at the top levels of the organization. Through natural turnover, recruitment, talent development and internal career paths we are working purposefully towards our long term ambition: gender balance in leadership roles by 2030. 29,1% 2024 2025 32,7%
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43 Sustainability Report Cheffelo 2025 Employee wellbeing and work environment Goals and performance Our Commitment As a responsible employer, we offer a safe, respectful and engaging workplace for our employees. Targets • Accident- and injury-free work environment • Implement training programs to ensure all employees have relevant future skills, starting in 2025 and updated every three years Process Number of work-related accidents in 2025 SDGs Best Leadership CHEFFELO Brilliant Awards – Employee Experience is an annual award, celebrating organisations that excel in creating workplaces where employees thrive and feel highly engaged. In 2024, amidst evolving challenges and opportunities, your commitment to fostering strong connections with your employees truly stands out. We are deeply impressed by your dedication and success in cultivating a workplace where people can grow and flourish! A safe, healthy and motivating work environment is essential for our employees to thrive and perform at their best. At Cheffelo, we work long term to strengthen wellbeing, engagement and collaboration, always based on employees’ perspectives and feedback. In recent years, we have placed a particular focus on self and team awareness, psychological safety and a strong feedback culture. In 2025, we built further on this foundation with a clear growth focus – grow as an individual, grow as a team, grow as a company. When employees feel safe to express their opinions, try new things and give honest feedback, it strengthens both wellbeing and development. Employee survey Our employee surveys are cornerstones in our work environment efforts. In 2024, 92% of Cheffelo employees participated; in 2025, participation increased to 95%. This very high response rate shows strong engagement and gives us a solid basis for understanding what we do well and where we can improve. Based on the 2024 results, Cheffelo was one of three companies nominated in the “Best leadership” category in Brilliant Awards*. The 2025 results again placed us among the top 25% of companies in most metrics. We are proud of this and view it as confirmation that our long term focus on wellbeing, leadership and engagement is paying off. Even so, ensuring a safe and inclusive workplace remains a priority. In 2025, 7% of employees reported having experienced some form of bullying, discrimination or harassment, underlining the need to continue focusing on our zero tolerance policy. To support this policy, all employees confirm annually that they have read our Code of Conduct and can, via an anonymous whistleblowing channel, safely report concerns. Cheffelo’s whistleblowing function is operated by an independent third party to ensure anonymity and confiden‑ tiality. Reports are submitted via a web form, after which the reporting person receives an ID and password and is given feedback within seven days. *Brilliant Awards – Employee Experience is Brilliant’s annual award based solely on data from employee surveys. Organisations that measure their employee engagement with Brilliant automatically take part in Brilliant Awards. -30% 2024 2024 -83% Accidents that led to sick leave in 2025
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44 Sustainability Report Cheffelo 2025 Safety During the year, we held a Safety Week at all our production facilities, focusing on safety routines, incident reporting and how we can collectively create a safe workplace. Safety is always central in our operations, and we can see clear results. In 2024, there were 20 workplace accidents, of which 6 led to sick leave. In 2025, we had 14 work related accidents, and only 1 resulted in sick leave; a reduction from 30% to about 7% of accidents leading to absence. This is a clear positive trend towards a safer workplace, although our long term goal remains zero injuries. All recorded injuries were related to production staff, making safety in production a continued top priority. All messages are encrypted and handled in a secure case management system, and confirmed cases are investigated and addressed by HR together with the responsible internal function. During the reporting period, eight whistleblowing cases were received and handled. We also work continuously with feedback culture and psychological safety to ensure respectful communication across the organization.
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45 Sustainability Report Cheffelo 2025 Anton Nytorp CTO Future-Fit training We also see it as our responsibility to prepare employees for future requirements – something we call Future Fit Training. Through this initiative, we offer targeted learning programs that allow employees to grow alongside our business and promote a modern workplace. Our ambition is to regularly conduct training initiatives or introduce new tools to ensure all employees are “future fit” with skills that match the latest demands and developments in our industry. As part of this ambition, we introduced Sana for all colleagues in spring 2025. Sana is an AI driven platform that helps employees automate tasks, find information and share knowledge within Cheffelo. We also launched an HR agent for all colleagues where employees can ask questions about handbooks and policies and get fast, consistent answers – regardless of where and when they work. By making Sana Agents a central part of Cheffelo’s innovation and skills strategy, we have given all office based employ‑ ees, regardless of role or technical background, access to AI in their daily work; from smarter meeting notes and more effective search to tailored AI agents and automated work‑ flows. We asked Anton Nytorp, CTO at Cheffelo, about how this is affecting our way of working and developing. How do you see Sana as a tool for helping employees develop future skills and grow in their roles? I’m convinced that one of the most important future skills is learning to use AI in your daily work, no matter the role. You build that skill by using AI often, experimenting and learning what works in your own context. To make this possible at Cheffelo, we need to give employees easy ways to use AI. A broad AI platform like Sana is central, as it is intuitive, safe and accessible whether you are a devel‑ oper, chef, marketer or in customer service. AI adoption also has to be driven by employees themselves. We don’t have a central function that “fixes AI” for the orga‑ nization. Instead, we provide tools, onboarding support and inspiration from colleagues – but ultimately each employee is responsible for their own learning. Can you give examples of how employees from different parts of the organization have used AI to solve problems or create value in unexpected ways? What surprised me most is how quickly non technical roles started creating automated workflows. People who have never worked with automation are now building AI assistants to solve concrete problems in their daily work, which shows the power of making technology accessible to everyone. Sana also makes it easy to test new AI solutions. For example, we built a workflow to proofread and check recipes. In the long run, we want to build this into our own systems, but Sana lets us quickly test whether something creates value before we invest in development. That’s an important part of the experimental, learning culture we want to encourage. How does the AI initiative support Cheffelo’s long term goal of being an attractive employer that offers employees development and future proof skills? Being an attractive employer today is not just about salary and benefits. It’s also about offering a workplace where people grow, develop and are prepared for the future. When we invest in AI tools for everyone, we show that we believe in their potential and want to give them skills that are valuable both at Cheffelo and in their future careers. It’s also critical for attracting talent. Candidates ask about our approach to AI and what opportunities they will have to use AI tools in their roles. The best people expect the organization to stay ahead and to provide modern tools – or they will choose an employer that does.
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46 Sustainability Report Cheffelo 2025 Human rights and anti corruption Ethics and responsible business conduct Cheffelo is founded on ethical business principles and we have zero tolerance for bribery and corruption. Respect for human rights and equal value is central to everything we do. This is reflected in our governing documents – our Code of Conduct and our Supplier Code of Conduct – which guide how we and our partners are expected to behave. Our suppliers sign our Supplier Code of Conduct and our Purchasing Guidelines, which also include our sustainability policy. These documents set out our requirements in the areas of ethical business conduct, human rights, working conditions, the environment and food safety. Before approving a new supplier, we carry out a review to ensure that the supplier is approved by the relevant author‑ ities and that there are no serious remarks against them. We also visit suppliers regularly to build long term relationships, focusing on dialogue and collaboration rather than formal audits. If a supplier does not comply with our Code of Conduct, we require an action plan with a clear timetable and follow‑ up on its implementation. If improvements are insufficient, we may suspend the collaboration and, if the problems persist, ultimately terminate the supplier agreement. We carefully select and monitor suppliers to ensure they share our ethical values and follow our standards. During the year, we updated our Supplier Code of Conduct to take into account new EU regulations related to deforestation and due diligence. All existing and new suppliers are expected to comply with these requirements. Risk assessment of suppliers We work systematically with supplier risk assessments under the Transparency Act. This assessment covers suppliers in all our markets, well beyond the legal require‑ ment to assess only Norwegian suppliers. It identified 30 out of 417 suppliers in various countries as having a moderate to high risk based on factors such as country of operation and type of goods or services. To manage these risks, we sent detailed questionnaires asking how they ensure decent working conditions in their own operations and among their subcontractors. The responses confirmed that these suppliers are taking appropriate measures to mitigate risks and uphold our standards. If a supplier deviates from the requirements in our Code of Conduct, we require a time bound action plan to address the shortcomings. If measures are not taken or are insufficient, the cooperation may be suspended and, ultimately, the supplier agreement may be terminated.
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47 Sustainability Report Cheffelo 2025 Social responsibility and local engagement Goals and performance Our Commitment We want to support the local communities where we oper- ate by contributing both financially and with our time. Targets • Every year, donate 2% of our net profit to support initia - tives that combat food insecurity in Nordic households New target • 15% of employees will use their volunteer days Process 700000+ SEK donated in 2025 Through 7 campaigns, Cheffelo supported the Red Cross's local operations, such as the Red Cross House where families with children in vulnerable situations receive food, support and a safe community. SDGs Our long term success is closely linked to the health and wellbeing of the communities where we operate. We therefore take active responsibility by being a responsible employer, supporting local initiatives and collaborating with suppliers who share our values. In this way, customers can always feel confident that we have made a responsible choice on their behalf. Food insecurity and the Red Cross partnership Our most important goal within social sustainability is to allocate 2% of our Net profit to combating food insecurity in Scandinavian households. Since 2024, we have done this through local collaborations with the Red Cross in Norway, Sweden and Denmark. This means our contribution grows with our profitability, which is also reflected in the partnership agreement that was signed for 2025. We also increase our support through special campaigns – for example Christmas campaigns, themed weeks in our menus and selected add on products. For these products, Cheffelo donates an extra amount to the Red Cross when customers choose them. In this way, we use our platform to raise awareness about food insecurity at home and direct more resources where they are needed. Through this long term partnership with the Red Cross and our active efforts to combat food insecurity, we want to be a positive force in the local communities where we operate. Support for local initiatives We are committed to supporting local organizations through food donations and voluntary engagement from our employ‑ ees. In Mölnlycke, we regularly donate surplus food to Smyrna Church, which supports families in need and provides meals and shelter to homeless people. In Oslo, we deliver food that cannot be sold to Matsentralen, supporting a more circular economy and reducing waste. In Norway, we also collaborate with Holdbart, which sells food approaching its best before date at discounted prices, both helping the environment and making food more accessible. Employee engagement and volunteer time To strengthen our community engagement, we introduced a goal in 2025 to increase the share of employees who use their two annual volunteer days. Through this initiative, we want to inspire and enable staff to contribute directly to local communities and important social issues.
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48 Sustainability Report Cheffelo 2025 Governance and risk management Board of directors Management team Sustainability squad The Board has ultimate responsibility for sustainability and works actively to ensure Cheffelo maintains long term, trust based relationships and good business ethics. The Board has delegated responsibility to the Nordic Management Team to develop policies and structures that ensure compliance. To drive sustainability efforts at operational level, we established a Sustainability Squad in 2022, led by Cheffelo’s Head of Sustainability. The Sustainability Squad is responsible for recommending sustainability strategy and associated goals, which are then approved by the Nordic Management Team. Together with the rest of the organization, this group implements initiatives aligned with the strategy and follows up relevant KPIs. Assessment and management of business risks Responsibility for continuously identifying, assessing and preventing various risks in the operations lies with the Nordic Management Team, which carries out an annual risk assessment. Risks are categorized as commercial, financial, operational and regulatory, and are assessed based on impact, likelihood and preventive measures. For risks with high impact and likelihood, action plans with clearly defined responsibilities have been prepared. Following our recent improvements in risk management, including integrating additional insights from our double materiality analysis, our risk identification process now includes a more robust assessment of environmental, social, human rights and corruption related risks. These risks arise mainly at supplier level and through our purchasing activities. They are managed through our Supplier Code of Conduct, ongoing supplier follow ups and careful planning and selection of products and suppliers. In the people area, risks such as sickness absence and work environment issues are managed through systematic occupational health and safety work. This strengthened framework gives us a more comprehensive understanding of these risks and allows us to carry out targeted and effective actions to reduce them.
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49 Sustainability Report Cheffelo 2025 Table 1: Reporting of total Scope 1, 2 and 3 emissions. Sustainability data Emissions per scope, tons CO₂e 2022 2023 2024 2025 Scope 1 Refrigerants and fuel from leased cars (cooling and air conditioning) 4.3 3.6 10.8 4.1 Scope 2, market based1 Energy use (electricity and heating) 480 77 29*** 14 Scope 2, location‑based** Energy consumption 142 145 57*** 41 Scope 3*** Indirect value chain emissions by category ‑ ‑ 21 500**** 28 100 * The market based method reflects emissions from electricity the company has actively chosen (or not chosen). ** A location‑based method reflects the average emission intensity of the electricity grids where the energy use occurs (mainly based on the grid’s average emission factor). *** The emission factor for district heating in Norway includes both upstream and Scope 2 emissions because no other emission factors are available. Source https:/ /www.fjernkontrollen.no/co2/ . **** Updated and corrected data from the Sustainability Report 2024 (see comment above). Emissions are reported in tons CO₂e and rounded to whole number or one decimal as follows: large totals are rounded to the nearest hundred or one decimal in ktons, while smaller items are rounded to the nearest tenth of a ton. Rounding may cause slight discrepancies in totals at decimal level. Corrections in Scope 3 – identified data gaps and updated 2024 total During continued quality assurance of our climate data in 2025, we identified material data issues in our original Scope 3 reporting for 2024. The 2024 Sustainability Report stated total Scope 3 emissions of 42.7 ktons CO₂e. After deeper analysis, additional calculations and a review of assump‑ tions and data, we concluded that this figure was incorrect. The corrected total Scope 3 emissions for 2024 is 21.5 ktons CO₂e. The deviation mainly stems from shortcomings in data and calculations in two key Scope 3 categories: ingredient related emissions (Category 1: Purchased goods and services – ingredients) and logistics and delivery emissions (Category 9: Transport and distribution). We subsequently found both double counting and incorrect assumptions that led to overestimations in these categories. By conducting a thorough review with our data team, we identified the root causes and at the same time strengthened our data infrastructure. Climate reporting data now comes more directly from our internal systems and is processed in fewer steps, reducing manual interventions and the risk of errors. Scope 3 – Category 1: Purchased goods and services; ingredients (reporting year 2024) Originally reported: 39.6 ktons CO₂e Corrected level: 18.6 ktons CO₂e Root cause: Double counting of emissions in Norway, where we have two brands. Norwegian ingredient related emissions were inadvertently included twice.
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50 Sustainability Report Cheffelo 2025 Scope 3 Categories Activities Emissions (tCO₂e) 2024 Emissions (tCO₂e) 2025 Purchased goods and services Ingredients 18 600 23 600 Purchased goods and services Ingredient packaging ‑ 889.4 Purchased goods and services Indirect packaging 765.7 1306 Fuel‑ and energy‑ related activities not included in Scope 1 and 2 Production and transport of fuel for leased vehicles & Gen‑ eration, transmission and distribution of district heating and electricity (Scope 2) 30.5 29.7 Upstream transportation and distribution Freight for transportation of indirect packaging and ice from storage to own warehouse 85.2 71.1 Waste generated in operations Transport and treatment of waste 10.2 10.6 Business travel Hotel stays and air and train travel 51.0 48.2 Employee commuting Employee commuting to all sites 225.4 160.6 Upstream leased assets Warehouse for ice 0.0* 0.0* Downstream transportation and distribution Last mile and linehaul logistics 1 734 1 929 End‑of‑life treatment of sold products Indirect packaging waste treatment 19.7 9.0 *When primary data is not available, estimations are used in line with the guidance from GHG Protocol. Scope 3 – Category 9: Transport and distribution; linehaul and last mile (reporting year 2024) Originally reported: 1.9 ktons CO₂e Corrected level: 1.7 ktons CO₂e Root cause: Underlying data and assumptions for logistics related emissions were partly incorrect or incomplete, including mishandled transport distances and shortcomings in emission factors. During the year, we strengthened our internal control environment for climate data by testing, troubleshooting and validating data, assumptions and calculation models to improve quality and reduce the risk of similar errors in future reporting periods. Table 2 – Categorized Scope 3 emissions. Comment on the table: The increase in our Scope 3 emissions in 2025 is partly due to our increased sales, which naturally results in higher volumes in the value chain. In addition to the volume increase, we also see an effect of updated emission factors for certain materials between 2024 and 2025. For material‑related emissions, we use DEFRA (UK Department for Environment, Food & Rural Affairs) emission factors, and the updated factors imply higher emission levels per unit for certain materials, which particularly affects the indirect packaging categories. From 2025 onwards, emissions linked to ingredient packaging are also included in the calculations, which further contributes to the higher reported level compared to 2024, where this category was not yet included. Energy consumption Energy efficiency remains a priority, even though we already use 100% renewable electricity at our sites and offices. Since our Scope 2 targets use 2022 as a base year, we show energy consumption from 2022–2025 to highlight trends.
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51 Sustainability Report Cheffelo 2025 2022 2023 2024 2025 Type of energy Renewable energy (%) Total energy (MWh) Renewable energy (%) Total energy (MWh) Renewable energy (%) Total energy (MWh) Renewable energy (%) Total energy (MWh) Swedish production Electricity 100 718 100 714 100 711 100 786 Heating Ingår i elen The Swedish office Electricity 100 30 100 31 100 33 100 32 Electricity for heating 1 100 32 100 24 100 24 100 25 Heating/cooling1 100 92 100 85 100 89 100 83 Norwegian production Electricity 11 874 100 817 100 781 100 714 Heating 0 13 0 288 98 142 95 210 The Norwegian office Electricity 11 188 100 182 100 206 100 183 Heating 0 40 0 40 98 39 95 31 Danish production Electricity 100 432 100 345 100 334 100 346 Heating 0 1213 0 1723 32 86 85 84 The Danish office Electricity 100 19 100 18 100 15 100 12 Heating 0 1213 0 1723 32 86 85 85 1 Heating/cooling for the Swedish office updated from the 2023 sustainability report due to new information about the energy source. 2 Includes only heating for Nov–Dec 2022 due to Cheffelo’s office move; data for the previous office are not available. 3 DK heat is allocated equally between office and production, since it is reported as a combined figure for both. Table 3: Energy consumption
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52 Sustainability Report Cheffelo 2025 Food waste, g/portion 2024 2025 Sweden 1.4 0.7 Norway 1.8 1.8 Denmark 9.2 4.3 Total for Cheffelo 2.5 1.6 Brand 2024 2025 Total for Cheffelo Average rating (0–100) 76.5 76.4 Linas Matkasse Average rating (0–100) 75.6 75.9 Godtlevert Average rating (0–100) 78.4 76.6 Adams Matkasse Average rating (0–100) 78.9 78.1 RetNemt Average rating (0–100) 76.5 75.8 Packaging materials 2024 (ton) 2025 (ton) Swedish production Cardboard 325.8 351.3 Paper 28.8 25.9 Plastic 3.5* 3.4* Absorbent pads 0.2 0.0 Norwegian production Cardboard 375.4 488.7 Paper 26.6 30.9 Plastic 8.2* 15.0* Absorbent pads 6.4 3.4 Danish production Cardboard 132.5 124.3 Paper 11.3 9.1 Plastic 4.6* 3.4* EPS sheet 2.8 2.7 *Method change: in 2025 sauce sachets are reported under ingredient packaging based on purchasing data, whereas in previous years they were included in indirect packaging material. Waste 2024 2025 Total waste sorted (tons) 0.5 0.5 Total waste diverted from landfill or incineration (%) 80.4 85.9 Packaging materials 2024 2025 Cardboard 41.8 41.6 Paper 0.0 0.0 Plastic* 0.0 0.0 Absorbentpads 0.0 0.0 EPS sheet 25.5 100.0 Food waste The strong improvement in our food waste metrics is partly linked to better forecasting and partly to a changed mea‑ surement method in Denmark. Until November 2024, Danish statistics were based on average container weights rather than actual measured weights; after a contract change we now use actual weights, which provides a more accurate level. Customer satisfaction Our average customer rating remains very high but de‑ creased by 0.1 points compared with 2024. Insight teams see signs that the change is linked to our new subscription format and new way of choosing dishes. A large share of new Godtlevert customers also naturally affected ratings, as new customers are often more cautious in their assess‑ ments. The numbers are based on about 325,000 customer responses in 2025. Indirect packaging material in production A significant portion of the increased packaging volumes can be explained by strong sales growth, especially in Nor‑ way. Meanwhile, the key figure for packaging per delivery (0.8 kg) shows that material use per delivery was well con‑ trolled in 2025 despite higher volumes. The table presents purchased amounts (tons) of carton, paper, plastic, EPS boards and absorbent pads for Swedish, Norwegian and Danish production, and a separate table summarizes shares of recycled content in indirect packaging Table 4: Food waste from our production. Table 6: Packaging materials from our production. Table 7: Proportion of recycled material in indirect packaging material (%). *plastic film for pallet transport and bags for ice. Table 5: Customer satisfaction Cheffelo based on the customer's ability to rate dishes using stars (1‑5). materials. In 2025, 37.9% of Cheffelo’s indirect packaging materials were recycled content, 12.1 percentage points below our target of 50%. Waste In 2025, we set new ambitious waste targets and increased our diversion rate. This reflects our continued efforts to ensure correct waste sorting and recycling across all production facilities. Diagram 1 shows waste diversion over time, with Q4 2025 at 86.9%, moving closer to our goal to divert 90% of production waste from landfill by 2030. 80% 90% 2023 70% 2023 20242022 2025 Diagram 1: Waste diversion (recycling rate) in our production (%). Average developmentTotal
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53 Sustainability Report Cheffelo 2025 Category Sweden (tCO₂e) Norway (tCO₂e) Denmark (tCO₂e) Cheffelo (tCO₂e) Linehaul 161.2 377.3 89.9 628.3 Last mile 557.3 563.6 179.6 1 301 Table 9.1: Emissions by transport type. Table 9.2: Emissions by vehicle type. Table 10 Suppliers' status linked to ECC. Category Sweden (tCO₂e) Norway (tCO₂e) Denmark (tCO₂e) Cheffelo (tCO₂e) Fuel‑ based 718.4 940.6 268.8 1 928 Electric 0.0 0.2 0.7 0.9 ECC requirements Status 31 december 2025 Comply with all EU animal welfare laws and regulations, regardless of the country of production. 100% ‑ IImplement a maximum stocking density of 30 kg/m2 or less. Thinning is discouraged and if done, must be limited to one thinning per flock. 20% ↓ Adopt breeds that have higher welfare scores; either the following breeds: Hubbard Redbro (indoor only), Hubbard Norfolk Black, JA757, JACY57, 787, 957 or 987, Rambler Ranger, Ranger Classic and Ranger Gold, or other breeds that meet the criteria in the RSPCA Broiler Breed Welfare Assessment Protocol. 50% - Meet improved environmental standards, including: A minimum of 50 lux of light, including natural light. 40% ↑ A minimum of two metres of usable perches and two perches per 1,000 birds. 20% ↑ Regarding air quality, the maximum requirements in Annex 2.3 of the EU Broiler Directive apply, regardless of stocking rates. 100% ‑ No cages or multi ‑tiered systems. 100% ↑ Use of controlled atmospheric stunning with inert gas or multi ‑phase systems, or effective electrical stunning without live inversion. 40% ↑ Demonstrate compliance with the above standards through third ‑party audit and annual public reporting of progress towards this commitment. 0% ↓ Minimum 20% free range. 20% ↓ Diagram 2 shows total waste per delivery, which is around 0.4 kg per mealkit in 2025 and is trending downward, mainly driven by reductions in combustible waste, food waste and paper. Diagram 2: Total waste from production per delivery (kg) 0.3 kg 0.4 kg 0.5 kg 80% 90% 2023 70% 2024 2025 Average developmentR12 per delivery Logistics The deviations discovered in 2024 logistics data highlighted the importance of structured quality assurance early in the data collection process. As a result, we implemented stricter routines for control, documentation and validation, and closer collaboration between responsible functions. Read more under Scope 3 correction. Fuel based vehicles account for the majority of logistics emissions, but the use of electric vehicles demonstrates their effectiveness in reducing emissions in all markets. ECC The ECC table summarizes the average progress among chicken suppliers in relation to each ECC criterion. Arrows in the table (10) indicate whether each metric has improved, remained stable or declined since last year.
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54 Sustainability Report Cheffelo 2025 *Blomhoff, R., Andersen, R., Arnesen, E. K., Christensen, J.J., Eneroth, H. Erkola, M., Gudanaviciene, I., Halldoresson, T.I., Høyer‑Lund, A., Lemming, E.W., Meltzer, H.M., Pitsi, T., Schwab, U., Siksna, I., Thorsdottir, I and Trolle, E. Nordic Nutrition Recommendations 2023. Table 8 Reference values for energy intakes in groups of adults with sedetary and active lifestyles. Copenhagen: Nordic Council of Ministers, 2023.Retrieved from: NORDIC NUTRITION RECOMMENDATIONS 2023 (norden.org); **Energy percentage (E%) is an indica‑ tion of which shares of the food's total energy content that comes from carbohydrate, fat and protein.; ***Fødevarestyrelsen. Salt. Retrieved December 14, 2023, from https:/ /foedevarestyrelsen.dk/kost‑og‑foedevarer/alt‑om‑mad/de‑officielle‑kostraad/vil‑du‑ vide‑mere/hvad‑er‑naeringsstoffer/salt, Helsedirektoratet. (2023). Utviklingen i norsk kosthold 2023. Retrieved from: https:/ /www.helsedirektoratet.no/rapporter/utviklingen‑i‑norsk‑kosthold‑2023 & Livsmedelsverket. Edwall Löfvenborg, J. 2023. Hur mycket salt äter vi i Sverige? En uppskattning av befolkningens saltintag från befintliga data. Livsmedelsverkets PM. Uppsala. Main source of protein Cheffelo (%) Linas Matkasse (%) Godtlevert (%) Adams Matkasse (%) RetNemt (%) Fish and seafood 17 15 19 21 15 Poultry 27 27 27 26 30 Beef 11 8 13 12 13 Pork 27 29 28 26 23 Plant‑based 17 21 13 14 19 Game meat 0 0 0 1 0 KPI 2025 goals 2025 results Energy* 500‑750 kcal 675 kcal Fat** 5‑40 E% 37 E% Saturated fat*** <12 E% 11,9 E% Salt**** <3 g 3,2 g Vegetables***** >200 g 198 g Main protein sources Compared with 2024, we see: • Decrease in the share of fish by 2 percentage points, chicken by 5 points and game by 1 point • Increase in the share of beef by 1 point and pork by 2 points • The biggest change is in vegetarian proteins, which increased by 4 points Table 11: Distribution of main proteins from recipes in our range in 2025 Table 12: Nutritional goals (per serving) and results of our offering. * The estimated energy requirement for an adult (18–70 years) with an average activity level (PAL 1.6) is 2,393 kcal. We estimate that the dinner meal accounts for 25–30% of the daily energy requirement, which corresponds to 598–718 kcal. ** A total fat intake of 25–40 energy per cent (E%) is recommended in the diet according to NNR2023. ***Through our participation in the Partnership for a Healthier Diet, we aim to reduce the population’s intake of saturated fat to below 12 E% by 2025. The long‑term goal is a maximum of 10 E% in line with NNR2023. ****The average salt intake in the Scandinavian population is 7–12 g per day. The recommended intake is 5.75 g per day according to NNR. Through the Partner‑ ship for a Healthier Diet, the goal is to help reduce the population’s salt intake to 7 g per day by 2025. We estimate that dinner should account for 25–30% of an adult’s daily energy requirement. Our target for salt is unchanged compared with 2024. *****NNR recommends an increased intake of fruit and vegetables to 500–800 g per day. We have a target of at least 200 g of vegetables per portion on average across all Cheffelo brands for 2025, based on dinner accounting for one third of the day’s meals excluding snacks. Nutritional content For 2025, we set the following nutrition targets and outcomes per portion:
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55 Sustainability Report Cheffelo 2025 About this report Cheffelo’s Sustainability Report for 2025 has been approved by the Board of Directors. It covers Cheffelo’s overall sustainability strategy and activities for the financial year 2025, from 1 January to 31 December 2025, and includes Cheffelo Sweden AB, Cheffelo Denmark ApS, Cheffelo Norway AS and Cheffelo Newco AB. The aim is to describe the business from an economic, social and environmental perspective and to provide an overview of our sustainability governance. The report includes Cheffelo’s statutory sustainability report prepared in accordance with the earlier version of the Swedish Annual Accounts Act. The 2025 sustainability report is based on the company’s goals, strategies and processes, as well as on stakeholder dialogue and the double materiality assessment. Our sustainability work is in turn guided by the United Nations Sustainable Development Goals.
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56 Sustainability Report Cheffelo 2025 Auditor’s report on the statutory sustainability report To the general meeting of the shareholders in Cheffelo AB (publ), corporate identity number 559021 ‑1263. Engagement and responsibilities It is the board of directors who is responsible for the statutory sustainability report for the year 2025 on pages 20–55 and that it has been prepared in accordance with the Annual Accounts Act according to the prior wording that was in effect before 1 July 2024. The scope of the audit Our examination has been conducted in accordance with FAR’s standard RevR 12 The auditor’s opinion regarding the statutory sustainability report. This means that our examination of the statutory sustainability report is substantially different and less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinion. Opinion A statutory sustainability report has been prepared. Stockholm, 2 april 2026 Öhrlings PricewaterhouseCoopers AB Victor Lindhall Authorised Public Accountant
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57 Annual Report Cheffelo 2025 Annual report and group consolidation January–December 2025
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58 Annual Report Cheffelo 2025 Annual report and group consolidated January–December 2025 Director's report .................................................59 Financial Reports...............................................63 Notes ........................................................................69 Declaration............................................................94 Auditor's Report .................................................95
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59 Annual Report Cheffelo 2025 The Board of Directors and the Chief Executive Officer of Cheffelo AB (publ) (“Cheffelo”) hereby present the Annual Report and the Consolidated Financial Statements for the financial year 2025. General information about the business Cheffelo is one of the largest mealkit providers in the Nordics. The Group offers subscription‑based meal solutions under the brands Linas Matkasse in Sweden, Godtlevert and Adams Matkasse in Norway, and RetNemt in Denmark. The business model is based on delivering high‑quality ingredients and recipes directly to the customer’s door, with a focus on convenience, inspiration and sustainability. Customers can choose from a wide range of recipes, and the service saves time, reduces food waste and provides kitchen inspiration. The subscription is easily managed via a mobile app or the website of each brand. The service is enabled by proprietary technology solutions and a strong, scalable supply chain with efficient processes. Cheffelo has established a strong market position, and the Group’s brands enjoy high awareness in their markets. The business was founded in 2008 and has since established itself in Scandinavia, operating in three countries: Sweden, Norway and Denmark. Operations are conducted through the subsidiaries Cheffelo Sweden AB in Sweden, Cheffelo Norway AS in Norway and Cheffelo Denmark ApS in Denmark. Cheffelo is part of a group where Cheffelo AB (publ) prepares the consolidated financial statements for the largest group. Significant events during the financial year In 2025, Cheffelo continued to grow with improved profitability. Net sales increased to MSEK 1,188.0 (1,058.2), corresponding to growth of 12.3% or 15.1% adjusted for currency. Operating profit (EBIT) rose to MSEK 73.4 (41.7) and the EBIT margin improved to 6.2% (3.9). From a calendar year perspective, 2025 had 52 delivery weeks, while 2024 had 53 delivery weeks, which affects the comparability between the years. Growth during the year was driven by both more customers and stronger customer behavior. Customer acquisition strengthened gradually during the year. The third quarter stood out in particular, with new customers up 64% compared with the previous year. Growth varied between markets. Norway remained the Group’s largest single market and the main growth driver, with net sales up 24.2% (1.6%) in local currency. Growth was achieved despite one less delivery week in 2025 compared to 2024 and was driven by higher customer acquisition and a steady improvement in order frequency. Sweden was also affected by one less delivery week; nevertheless, net sales grew by 9.3% (9.0), supported by continued strong customer acquisition, a stable improvement in order frequency, and longer customer lifetime. In Denmark, the performance shifted from relatively high growth in local currency of 24.1% in 2024 to an essentially flat development of ‑0.4% in 2025. This reflected a cautious consumer environment and one less delivery week in 2025. Product development Several product development initiatives were implemented during the year to better meet customer needs, increase the value per order and strengthen Cheffelo’s offering in all markets. Early in the year, 3‑ and 5‑portion recipes were launched in Sweden and Norway, and later introduced in Denmark. The focus on add‑on products and groceries also had a strong impact, with sales increasing sharply. With an increased share of net sales, the share of customers adding extra items per basket reached record levels. Cheffelo continued to develop and improve personalization. New algorithm‑based recommendations, together with enhanced and refined preference settings, made it easier for customers to receive dishes tailored to their specific needs. Updated financial targets and Capital Markets Day At the Capital Markets Day in October, updated financial targets were presented. The Group now has a target for annual net sales growth of 7–9% through 2028, with a net sales target of MSEK 1,500 in 2028, and an EBIT margin of 7–9% at those volumes. Completed incentive programs During the year, all outstanding warrants in the LTIP 2022/2025 and 2023/2025 incentive programs were exercised. Through a directed new share issue, this added MSEK 8.0 in equity. The older 2021/2025 program was closed without being exercised. Directors’ report
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60 Annual Report Cheffelo 2025 Definitions: Operating margin: Operating profit/net sales Balance sheet total: Total Assets Equity ratio: Equity (including non-controlling interests) in relation to total assets. Net sales and earnings Net sales for the year amounted to MSEK 1,188.0, compared with MSEK 1,058.2 in the previous year, corresponding to growth of 12.3%. Growth was negatively affected by exchange rate movements, as both the Norwegian krona (NOK) and the Danish krone (DKK) weakened against the Swedish krona (SEK). Adjusted for currency effects, net sales increased by 15.1%. The number of deliveries increased by 10.0%, while the average order value rose by 2.1%, corresponding to 4.6% adjusted for currency effects. Growth in the average order value was driven by price adjustments combined with a shift towards larger mealkits and a higher share of add on products and groceries. Previously, a significant part of the development of the tech‑ nical platform was carried out by a nearshore partner. During the year, these activities were increasingly moved in house and, by the end of the fourth quarter, most development work was performed by internal staff. In accordance with accounting rules for capitalized work for own account, employee costs are recognized as personnel expenses and offset as income under Capitalized work for own account. Although the capitalization of development costs is not new, the change is that these activities are now performed by Cheffelo employees. During the year, income of MSEK 2.4 (0.0) was recognized under Capitalized work for own account. Amount in MSEK 2025 2024 2023 2022 2021 2020 Net sales 1,188.0 1,058.2 999.7 1,081.4 1,387.3 1,217.0 Operating margin % 6.2% 3.9% 3.1% -13.8% 3.4% 7.5% Balance sheet total 722.1 746.1 760.9 776.1 960.8 838.6 Equity ratio% 61% 59% 58% 58% 63% 33% Personnel costs amounted to MSEK 229.1 (214.2), an increase of 7.0% compared with the previous year. Approximately 1.1 percentage points of the increase relates to capitalized work for own account as described above. A significant share of personnel costs is related to production staff, mainly driven by volume and the balance between directly employed and contracted production personnel. Depreciation amounted to MSEK 43.2 (46.6). Of the MSEK 3.4 decrease, MSEK 1.3 is attributable to the fact that intangible assets related to customer relationships are now fully amor‑ tized. Net financial items amounted to MSEK 0.4 (‑1.3). The year on year improvement was mainly related to interest income and exchange rate movements during the year. Profit before tax amounted to MSEK 73.8 (40.3), an increase of 83%. Tax amounted to MSEK 16.4 (7.9) and was affected by the geographical distribution of earnings and the utilization of tax loss carryforwards in Sweden and Denmark. Profit for the year amounted to MSEK 57.5 (32.4), an increase of 77%. Earnings per share amounted to SEK 4.47 (2.56) before dilution and SEK 4.47 (2.51) after dilution. Cash flow, liquidity and financial position Cash flow for the year amounted to MSEK 49.7 (24.1), increasing cash and cash equivalents to MSEK 157.1 (114.2) at year end. The higher cash flow was achieved despite a dividend of MSEK 42.1, which was MSEK 19.5 higher than in the previous year, and was mainly explained by higher free cash flow. Free cash flow is defined as cash flow from operating activities less amortization of lease liabilities as well as purchases of property, plant and equipment intangible fixed assets. Free cash flow increased by MSEK 37.0 to MSEK 83.8 (46.7). Cash flow from operating activities rose by MSEK 41.1 year on year to MSEK 126.2 (85.1), mainly as a result of higher profit before tax. Cheffelo operates with negative working capital, as customers pay on delivery while payments to suppliers are made later. Working capital therefore fluctuates during the year in line with seasonal changes in delivery volumes, where volumes are affected by holiday periods and tend to decline during the summer and Christmas holidays. Cash flow from changes in working capital amounted to MSEK 12.1 (4.7), contributing MSEK 7.4 more to cash flow than in the previous year. The higher amount was mainly explained by a calendar effect from one additional payment day for trade receivables and higher net sales, partly offset by higher inventory related to the timing of incoming deliveries. Cash flow from investing activities amounted to MSEK ‑13.8 (‑11.0). The higher level in 2025 was mainly attributable to increased capitalized development costs related to the technical platform. Dividends totaling MSEK 42.1 were paid during the year. The company was also provided with MSEK 8.0 through proceeds from the new share issue carried out in connection with the exercise of a long term warrant program. Amortization of lease liabilities increased to MSEK 28.6 (27.4). In total, cash Development of the company's operations, results and position
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61 Annual Report Cheffelo 2025 flow from financing activities amounted to MSEK ‑62.7 (‑50.0). Goodwill amounted to MSEK 100.2 (115.4) at year end and trademarks totaled MSEK 300.9 (308.3). The changes compared with the previous year were entirely attributable to currency effects. Deferred tax assets amounted to MSEK 12.3, down from MSEK 20.1. The decrease of MSEK 7.8 was mainly related to the utilization of tax loss carryforwards in Sweden. Equity amounted to MSEK 440.3 (442.1), corresponding to an equity ratio of 61.0% (59.3%). Non current lease liabilities amounted to MSEK 51.9 (78.0) and right of use assets totaled MSEK 67.2 (93.5), mainly related to production facilities and offices under IFRS 16. Interest bearing liabilities less cash and cash equivalents resulted in net debt of MSEK ‑78.9 (‑8.1). There were no interest bearing liabilities other than lease obligations recognized in accordance with IFRS 16. Parent company Cheffelo AB (publ) is the parent company of the Cheffelo Group and is a Swedish holding company where operations are conducted in the subsidiaries. The company has 4 employees. Net sales for the year amounted to MSEK 12.7 (4.8). Net sales include management fees and Group licenses, which have been eliminated in the consolidated accounts. The parent company performs Group wide functions, with costs mainly related to organizational consulting, legal services and audit expenses. Total costs amounted to MSEK 17.9 (14.2), and operating profit was MSEK ‑5.2 (‑9.5). Equity amounted to MSEK 463.8 (471.7). The parent company largely shares the same risks as its subsidiaries. Information on risks and uncertainties The Group, like all businesses, is exposed to risks that may affect earnings, financial position and future performance. Ef‑ fective risk management is therefore key to limiting negative impacts and capturing business opportunities. Risks that may affect the Group include, among others, the risk of labor market conflict, IT and information security risks, people related risks, regulatory risks and financial risks. Financial risks are described in Note 28. The main risks related to the company’s industry and operations include, among others, the following: • Competition risks: The Group operates in a highly competitive industry, with a number of players in food and meal services. Intense or increasing competition may lead to higher sales and marketing costs to attract new customers and retain existing ones, which could negatively affect profitability. • Brand and reputation risks: The Group’s brands and reputation are important for its ability to attract and retain customers. Damage to the Group’s brands or reputation could have an adverse impact on results. There is also a risk that negative publicity or adverse announcements about the Group – for example relating to ingredient freshness, mealkit quality or food contamination – could negatively affect brand value. • Cost and raw material risks: A significant share of the Group’s costs relates to the purchase of food. Changes in prices of groceries, fruit and vegetables, as well as shortages of certain products, may affect the gross margin. There is a risk that the Group may not be able to fully offset price changes through its own price adjustments or through efficiency gains in the short term. • Production and distribution risks: Production is carried out at a limited number of facilities in Sweden, Norway and Denmark. Operational disruptions, interruptions, capacity constraints or issues in the distribution chain may lead to delays or missed deliveries, which in turn could negatively affect customer satisfaction, revenue and brand perception. • Food safety: Handling food requires high standards of traceability, hygiene, quality and correct labelling. Shortcomings in these areas may lead to product recalls, regulatory sanctions, financial losses and brand damage. • Regulatory risks: The Group is subject to extensive legislation and regulations, including food safety, consumer protection, data protection and privacy, and environmental and sustainability regulations. Changes in legislation or regulatory requirements, as well as non compliance, may lead to increased costs, operational adjustments or sanctions. • Macroeconomic risks: Macroeconomic factors such as inflation, interest rates, exchange rates and changes in consumer behavior can affect household purchasing power and willingness to spend. This may change demand for the Group’s services and impact net sales and profitability. • IT and cyber security: The Group depends on stable and secure IT systems for order management, payments and customer communication. Technical disruptions, system outages, intrusions or other cybersecurity incidents may affect operations, result in financial losses, regulatory consequences and damage customer trust. Guidelines for remuneration of senior executives Fees and other remuneration to the Board members, including the Chairman of the Board, are determined by the AGM. At the AGM held on April 24, 2025, it was resolved that total fees to the Board members for the period until the next AGM shall amount to SEK 1,300,000. SEK 500,000 shall be paid to the Chairman of the Board and SEK 200,000 each to Kajsa Knapp, Johan Kleberg, Olle Qvarnström and Catherine Sahlgren. The company aims to offer total remuneration that is market based and thereby able to attract and retain qualified employees. Remuneration shall be based on the employee’s position, areas of responsibility and performance. Total remuneration to senior executives shall consist of fixed salary, variable cash remuneration and pension. Note 5 presents the distribution between senior executives and other employees.
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62 Annual Report Cheffelo 2025 Expected future development Cheffelo enters 2026 with a strong financial position, a growing customer base and a business model that has demonstrated good scalability. The long term financial targets are to increase net sales by 7–9% per year through 2028 and reach approximately MSEK 1,500 in net sales, with an EBIT margin of 7–9% at those volumes. Performance is expected to continue to differ between markets. In Norway, the company plans for more moderate growth after the strong development in 2025, with a focus on brand consolidation and an even clearer long term value proposition. In Sweden, continued stable growth is expected in a favorable macro environment, where product innovation and an improved customer experience continue to drive customer growth and order frequency. In Denmark, the goal is to return to organic growth through increased media investments, product launches and a gradually improving consumer climate. Cheffelo continues to develop the customer experience through a broader recipe range, higher sales of add on products and groceries, and deeper use of data and AI in personalization. These initiatives are expected to support higher order frequency, higher average basket size and longer customer lifetime. Overall, the Board assesses that the company is well positioned to continue combining growth and profitability in line with the updated financial targets, while maintaining a strong financial position and sufficient flexibility to invest in strategically important initiatives. Employees In December 2025, Cheffelo had 406 employees (399), of whom 147 (142) were employed in Sweden, 205 (196) in Norway and 54 (61) in Denmark. The number of full time equivalents for 2025 was 272 (267), of whom 50.7% were women and 49.3% were men. Corporate Governance Report Cheffelo has issued a Corporate Governance Report for the financial year 2025, presented on pages 10–17. The Corporate Governance Report has been prepared in accordance with the rules of the Swedish Corporate Governance Code (the “Code”). Sustainability Report Sustainability, social and environmental matters are a central part of Cheffelo’s Code of Conduct and operations. Cheffelo therefore conducts its business in a socially responsible manner. Cheffelo prepares a Sustainability Report, presented on pages 20–55. Cheffelo is subject to the sustainability reporting requirements of the Swedish Annual Accounts Act. In accordance with Chapter 6, Section 11 of the Annual Accounts Act, Cheffelo AB (publ) has chosen to prepare the statutory Sustainability Report as a separate report from the Annual Report. The Sustainability Report is submitted to the Swedish Companies Registration Office together with the Annual Report. Proposed appropriation of the company’s profit or loss The following amounts (KSEK) are at the disposal of the Annual General Meeting: The Board proposes that the result be distributed as below (KSEK) The Board of Directors proposes that the available funds of KSEK 462,616 be appropriated so that a dividend of SEK 7.05 per share, corresponding to KSEK 91,794 based on the number of shares as of December 31, 2025, is distributed to the shareholders. The proposed dividend corresponds to 19.8% of the parent company’s equity and 20.8% of the Group’s equity. In light of the expected financial development, the Board considers the proposed dividend to be well balanced with regard to the company’s objectives, scope and risks, as well as the company’s ability to meet its future obligations. If the dividend had been paid at year end, the Group’s equity ratio would have amounted to 48%. Following payment of the proposed dividend, Cheffelo is expected to continue to have a strong financial position. Cheffelo’s dividend policy aims to provide shareholders with a dividend that offers a good direct return while allowing the company to invest in strategic growth opportunities. Over time, the dividend should amount to at least 50% of cash flow from operating activities less acquisitions of fixed assets and amortization of lease liabilities. For further information on the results and financial position of the Group and the parent company, please refer to the following financial statements and accompanying notes. Share premium reserve 1,106,046 Retained earnings -669,663 Net profit for the year 26,232 Total 462,616 Dividend of SEK 7.05 per share 91,794 Share premium reserve 1,014,252 To be carried forward -643,431 Total 462,616
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63 Financial Reports Cheffelo 2025 Consolidated income statement January 1 ‑ December 31 SEK Thousand Note 2025 2024 Net Sales 2 1 187 956 1 058 204 Capitalised development costs 2 422 – Other operating income 2 1 651 2 167 1 192 030 1 060 371 Goods for resales ‑686 508 ‑601 108 Other external expenses ‑159 292 ‑156 134 Personnel costs 5; 25 ‑229 098 ‑214 201 Depreciation and amortization ‑43 224 ‑46 579 Other operating expenses 4 ‑518 ‑664 Operating profit 73 391 41 684 Financial income 9 276 7 663 Financial expenses ‑8 859 ‑9 006 Net financial items 7 417 -1 343 Profit before tax 73 808 40 340 Tax 8 ‑16 351 ‑7 915 Net profit for the period 57 457 32 425 Profit/loss attributable to parent company’s shareholders 57 457 32 425 Earnings per share SEK, before and after dilution before dilution (SEK) 10 4.47 2.56 after dilution (SEK) 10 4.47 2.51 Consolidated income statement and comprehensive income January 1 ‑ December 31 SEK Thousand Note 2025 2024 Net profit for the period 57 457 32 425 Items that have been or may be transferred to profit/loss for the period Translation differences for the period when translating foreign operations ‑25 174 ‑6 278 Other comprehensive income for the year -25 174 -6 278 Other comprehensive income for the year 32 283 26 147 Financial Reports
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64 Financial Reports Cheffelo 2025 Consolidated statement of financial position SEK Thousand Note 31 Dec 2025 31 Dec 2024 Assets Goodwill 11 100 168 115 396 Trademarks 12 300 860 308 319 Other intangible assets 14 21 136 19 508 Total intangible assets 422 165 443 223 Leasehold improvement 15 817 771 Machinery and other technical installations 16 4 112 5 474 Equipment 17 6 302 10 431 Right‑of‑use assets 29 67 166 93 461 Total tangible assets 78 396 110 138 Deferred tax assets 9 12 263 20 075 Other non‑current receivables 18 7 785 9 026 Total other non-current assets 20 048 29 101 Total non-current assets 520 608 582 462 Inventories 19 17 811 11 164 Accounts receivable 20 17 624 20 848 Tax assets 8 967 3 341 Prepaid expenses and accrued income 21 7 422 13 698 Other receivables 580 405 Cash and cash equivalents 22 157 069 114 207 Total current assets 201 473 163 662 Total Assets 722 082 746 124 Consolidated statement of financial position, cont. SEK Thousand Note 2025-12-31 2024-12-31 Equity 23 Share capital 1 202 1 170 Other contributed capital 1 106 046 1 140 154 Translation reserve ‑25 584 ‑411 Retained earnings including profit/loss for the year ‑641 346 ‑698 803 Total equity 440 318 442 111 Liabilities 28 Non‑current lease liabilities 28; 29 51 932 77 963 Deferred tax liabilities 9 63 748 65 390 Total non-current liabilities 115 680 143 354 Liabilities to credit institutions 24 4 588 4 704 Current lease liabilities 28; 29 26 203 28 129 Accounts payable 28 62 449 62 013 Contractual liabilities 1; 2 5 611 5 815 Tax liabilities 8 7 005 1 550 Other liabilities 26 18 268 16 057 Accrued expenses and prepaid income 27 41 958 42 392 Total current liabilities 166 084 160 660 Total liabilities 281 764 304 013 Total equity and liabilities 722 082 746 124
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65 Financial Reports Cheffelo 2025 Equity attributable to shareholders in the parent company SEK Thousand Share Capital Other contributed Capital Conversion reserve Balanced earnings including this year's results Total Equity Opening Equity, 1 January 2025 1 170 1 140 154 ‑411 ‑698 803 442 111 Comprehensive income for the year Net profit for the year 57 457 57 457 Other comprehensive income for the year ‑25 174 ‑25 174 Comprehensive income for the year – – ‑25 174 57 457 32 283 Transactions with the Group's owners Contribution from and value transfers to owners Dividends paid ‑42 093 ‑42 093 New share issue 32 7 985 8 017 Total transactions with the Group's owners 32 ‑34 108 – – ‑34 076 Closing Equity, 31 December 2025 1 202 1 106 046 ‑25 584 ‑641 346 440 318 Consolidated statement of equity Equity attributable to shareholders in the parent company SEK Thousand Share Capital Other contributed Capital Conversion reserve Balanced earnings including this year's results Total Equity Opening Equity, 1 January 2024 1 170 1 162 736 5 867 ‑731 228 438 546 Comprehensive income for the year Net profit for the year 32 425 32 425 Other comprehensive income for the year ‑6 278 ‑6 278 Comprehensive income for the year – – ‑6 278 32 425 26 147 Transactions with the Group's owners Contribution from and value transfers to owners Dividends paid ‑22 568 ‑22 568 Repurchase warrants ‑14 ‑14 Total transactions with the Group's owners – ‑22 582 – – ‑22 582 Closing Equity, 31 December 2024 1 170 1 140 154 ‑411 ‑698 803 442 111
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66 Financial Reports Cheffelo 2025 Consolidated statement of cash flows January 1 ‑ December 31 SEK Thousand Note 2025 2024 Operating activities 34 Profit before tax 73 808 40 340 Income tax paid ‑1 164 ‑5 345 Adjustment for items not included in cash‑flow 41 484 45 445 Cash flow before changes in Net working capital 114 128 80 441 Increase (–)/Decrease (+) in inventories ‑7 161 1 732 Increase (–)/Decrease (+) in operating receivables 8 854 ‑4 705 Increase (+)/Decrease (–) in operating liabilities 10 357 7 630 Cash flow from operating activities 126 178 85 097 Investment activities Acquisition of tangible assets ‑2 951 ‑2 073 Acquisition of intangible assets ‑10 824 ‑8 920 Cash flow from investment activities -13 775 -10 992 Financing activities New share issue 8 017 – Repurchase warrants – ‑14 Dividends paid ‑42 093 ‑22 568 Amortization of lease liability ‑28 638 ‑27 385 Cash flow from financing activities -62 714 -49 966 Cash flow for the period 49 689 24 139 Cash and cash equivalents at the beginning of the period 114 207 91 924 Exchange rate difference in cash and cash equivalents ‑6 827 ‑1 856 Cash and cash equivalents at the end of the period 157 069 114 207 Parent company – Income statement January 1 ‑ December 31 SEK Thousand Note 2025 2024 Net Sales 12 733 4 764 12 733 4 764 Personnel costs 5 ‑14 208 ‑10 741 Other external expenses ‑3 676 ‑3 491 Operating loss -5 150 -9 469 Result from financial items Interest income 7 2 565 5 644 Interest expenses 7 ‑2 ‑7 Loss after financial items -2 588 -3 832 Received group contribution 35 000 12 000 Profit/loss before tax 32 412 8 168 Tax 8 ‑6 180 ‑549 Net profit/loss 26 232 7 618
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67 Financial Reports Cheffelo 2025 Parent company – Statement of financial position January 1 ‑ December 31 SEK Thousand Note 31 Dec 2025 31 Dec 2024 Assets Non-current assets Financial fixed assets Shares in subsidiaries 33 296 354 296 354 Deferred tax asset 9 1 318 7 498 Total financial assets 297 672 303 852 Total non-current assets 297 672 303 852 Current assets Short term receivables Receivables from Group companies 32 171 996 163 397 Current tax asset 799 431 Other receivables 139 135 Prepaid costs and accrued revenue 21 296 311 Total short term receivables 173 230 164 273 Cash and cash equivalents 22 12 10 007 Total current assets 173 242 174 280 Total Assets 470 914 478 133 Parent company – Statement of financial position January 1 ‑ December 31 SEK Thousand Note 31 Dec 2025 31 Dec 2024 Equity and liabilities Equity 23 Bundet eget kapital Share capital 1 202 1 170 Non-restricted equity Premium reserve 1 106 046 1 140 154 Retained earnings ‑669 663 ‑677 281 Profit/loss for the year 26 232 7 618 Total Equity 463 818 471 662 Non-current liabilites Total non-current liabilities – – Current liabilities Accounts payable 140 238 Other liabilities 1 407 1 213 Accrued expenses and prepaid income 27 5 550 5 020 Total current liabilities 7 097 6 471 Total equity and liabilities 470 914 478 133
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68 Financial Reports Cheffelo 2025 Parent company - Equity statement January 1 ‑ December 31 Restricted equity Unrestricted equity SEK Thousand Share Capital Share premi- ums Balanced earnings including this years's results Total Equity Opening Equity, 1 January 2024 1 170 1 162 736 ‑677 281 486 625 Comprehensive income for the year Net profit for the year 7 618 7 618 Other comprehensive income for the year – Comprehensive income for the year – – 7 618 7 618 Dividends paid ‑22 568 ‑22 568 Repurchase warrants ‑14 ‑14 Closing Equity, 31 December 2024 1 170 1 140 154 ‑669 662 471 662 Restricted equity Unrestricted equity SEK Thousand Share Capital Share premi- ums Balanced earnings including this years's results Total Equity Opening Equity, 1 January 2025 1 170 1 140 154 ‑669 662 471 662 Comprehensive income for the year Net profit for the year 26 232 26 232 Other comprehensive income for the year – Comprehensive income for the year – – 26 232 26 232 Dividends paid ‑42 093 ‑42 093 New share issue 32 7 985 8 017 Closing Equity, 31 December 2025 1 202 1 106 046 ‑643 430 463 818 Parent company - Statement of cash flows January 1 ‑ December 31 SEK Thousand Note 2025 2024 Operating activities 34 Profit/loss before tax 32 412 8 168 Adjustment for items not included in cash‑flow – – 32 412 8 168 Increase (–)/Decrease (+) in operating receivables ‑8 957 18 855 Increase (+)/Decrease (–) in operating liabilities 625 566 Cash flow from operating activities 24 081 27 588 Investment activities Cash flow from investment activities – – Financing activities Dividends paid ‑42 093 ‑22 568 Repurchase warrants – ‑14 New share issue 8 017 – Cash flow from financing activities -34 076 -22 581 Cash flow for the period ‑9 995 5 007 Cash and cash equivalents at the beginning of the period 10 007 5 000 Cash and cash equivalents at the end of the period 12 10 007
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69 Notes Cheffelo 2025 Notes Note 1 Important accounting principles (a) Compliance with standards and the law The Group’s Financial Statement has been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) as adopted by the EU. Furthermore, the Swedish Sustainability and Financial Reporting Board’s recommendation RFR 1 Supplementary Accounting Rules for Group Concerns has been applied. The parent company applies the same accounting principles as the Group except in the cases listed below in the section "Parent company accounting principles". The annual report and consolidated accounts have been approved for issuance by the Board of Directors and the CEO on March 25, 2025. The Group's report on results and other comprehensive income and report on financial position and the parent company's income statement and balance sheet will be subject to approval by the Annual General Meeting on April 29, 2026. (b) Valuation criteria applied when preparing the financial statements Assets and liabilities are recognised at historical acquisition value. (c) Functional currency and reporting currency The parent company’s functional currency is SEK, which is also the reporting currency for the parent company and for the Group. This means that the financial reports are presented in SEK. (d) Assessments and estimates in the financial statements Assessments made by management in the application of IFRS that have a significant impact on financial statements and estimates that may result in significant adjustments in the following year’s financial statements are described in more detail in Note 36. (e) New IFRS which is not yet effective New and amended IFRS standards with future application are not expected to have any material effect on the company’s financial position or performance. However, the IASB has issued IFRS 18 Presentation of Financial Statements, which replaces IAS 1 and is to be applied from the financial year 2027. The company has not yet applied IFRS 18. A review indicates that the standard will primarily affect the classification and presentation in the statement of profit or loss. (f) Consolidation principles and business acquisitions (i) Subsidiaries Subsidiaries are defined as companies that are under the control of Cheffelo AB (publ). There is control if Cheffelo AB (publ) has influence over the investment, is exposed to or is entitled to variable returns from its involvement and can use its influence over the investment to influence returns. (g) Foreign currency (i) Foreign operations’ financial statements Assets and liabilities in foreign operations, including goodwill and other Group surplus and undervalues, are translated from the functional currency of the foreign operation into the Group’s reporting currency, SEK, at the exchange rate prevailing at the balance sheet date. Income and expenses in a foreign operation are translated into SEK at an average value that approximates the prevailing exchange rates on each transaction date. (h) R e v e n u e (i) Performance commitments and revenue accounting principles The Group’s revenue consists mainly of revenue from the sale of goods (mealkits). The revenue is reported when the Group has delivered the goods to the customer. Since several types of goods are delivered at the same time, the Group has chosen not to allocate the replacement of the various goods in a mealkit on different performance commitments. Customer loyalty schemes that enable customers to acquire additional goods at a discount are considered to give the customer a substantial right and thus constitute a separate commitment, see below. Payment is made by card payment or invoice. In case of card payment, the customer will be charged a few days after delivery. Invoices usually become due within 14 days, but to a large extent they are sold on to factoring with immediate payment without recourse. The smaller proportion of invoices that have recourse has been transferred to a bank and cash and cash equivalents received. These trade receivables have not been written off from the financial position statement
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70 Notes Cheffelo 2025 because the company retains the principal risks and benefits, which is the credit risk. The amount received from the bank is reported as a bank loan. (ii) Customer loyalty programme The Group has a customer loyalty program wherein the customer receives points for completed purchases. These are used to give the customer a discount on future purchases. Loyalty points are reported as a separate delivery item. This is done by allocating part of the received compensation to loyalty points, based on standalone sales prices and considering the number of points expected to be redeemed. The amount allocated to the loyalty program is initially recognised as prepaid income (contractual liability) in the financial position report and is recognised as income when the loyalty points are exercised or matured. Loyalty Points must be repaid within 12 months, after which unused points expire. The Group continuously assesses the expected redemption rate based on historical redemption data and adjusts the allocation of the consideration to the customer loyalty program as needed. (i) Leasing When an agreement is concluded, the Group assesses whether the agreement is, or contains, a lease. A contract is, or contains, a lease if it transfers the right to determine for a certain period the use of an identified asset in exchange for payment. (i) Leases where the group is a lessee The leasing liability is divided into long‑term and short‑term elements. Lease payments are typically discounted using the Group's marginal borrowing rate, which, in addition to the Group's/company's credit risk, reflects the respective lease term, currency, and quality of the underlying asset intended as collateral. However, in cases where the implicit rate of the lease can be readily determined, that rate is used, as is the case for parts of the Group's leases of production equipment." Group presents right‑of‑use assets and lease liabilities as separate items in the statement of financial position. For leases that have a lease term of 12 months or less or with an underlying asset of low value, less than SEK 50,000, no right of use asset or lease liability is recognised. Leasing fees for these leases are recognised as an expense on a straight line basis over the lease period. (j) Taxes (i) Deferred tax Deferred tax assets are reported in the financial position report to the extent that it is likely that the tax benefit will be utilized. Deferred tax is calculated with the application of the tax rates and rules that are determined, or de facto determined, at the balance sheet date. (k) Financial instruments Trade receivables are recognised when they are issued. The Group makes use of factoring. For the majority of accounts receivable transferred to the factoring company, the credit risk ceases, which is why the customer receivable is derecognized at that time. For a small proportion of transferred accounts receivable, the factoring company has a right of regress. These accounts receivable and debt to the factoring company are only derecognized once payment has been received from the customer. (i) Financial assets The Group’s financial assets, primarily trade receivables and other receivables, are classified as valued at accrued acquisition value. (ii) Financial liabilities The Group’s financial liabilities are classified as valued at accrued acquisition value. Financial liabilities valued at accrued acquisition value mainly refer to trade payables, other current liabilities and interest‑bearing liabilities. (iii) Impairment of financial assets Financial instruments The loss reserve for trade receivables is always valued at an amount corresponding to expected credit losses during the remaining term of the receivable. When it is determined whether a financial asset’s credit risk has increased significantly since the initial recognition and when calculating expected credit losses, the Group assumes reasonable and verifiable information that is relevant and available without unnecessary costs or resources. This includes both quantitative and qualitative information and analysis based on the Group’s historical experience and credit assessment and including forward ‑ looking information. The Group applies the simplified method for calculating expected credit losses. The Group estimates that the credit
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71 Notes Cheffelo 2025 risk on a financial asset has increased significantly if it is overdue by more than 30 days. The Group assesses that a financial asset is in default when: – it is unlikely that the borrower will pay all his credit obligations to the Group, without the Group having recourse such as realising a security (if any is held); Or – the financial asset is overdue more than 90 days. (l) Tangible fixed assets Tangible fixed assets are reported in the Group at acquisition value after deductions for accumulated depreciation and any write‑downs. The acquisition value includes the purchase price and expenses directly attributable to the asset to bring it into place and into a condition where it may be used in accordance with the purpose for which it was acquired. The carrying amount of a tangible fixed assets is removed from the statement of financial position on scrapping or divestment. The gain or loss arising from the scrapping or divestment of an asset is the difference between the selling price and the carrying amount of the asset. Profit and loss are recognised as other operating income/expense. (i) Depreciation principles Depreciation occurs on a straight‑line basis over the estimated period of use of the asset. Depreciation is made to the estimated residual value, which is normally estimated at zero. Leased assets are also amortised over their estimated useful life or, if shorter, over the agreed lease period. Estimated useful lives: • leasehold improvement costs Contract length • machinery and technical fixed assets 3–5 years • equipment 5 years (m) Intangible assets (i) Goodwill Goodwill is not amortized but is tested annually for potential impairment and whenever there are indications of impairment. Goodwill is allocated to cash‑generating units that are expected to benefit from the synergies arising from the goodwill‑generating unit. Each cash‑generating unit to which goodwill has been allocated represents the lowest level within the entity at which goodwill is monitored internally. An impairment is recognized when an asset's carrying amount exceeds its recoverable amount. Goodwill is recognized at cost less any accumulated impair‑ ment losses. (ii) Other intangible assets Intangible fixed assets mainly consist of brands and customer relationships that are reported as a result of business acquisitions. Trademarks are tested for impairment at least annually, as they are considered to have an indefinite useful life. Other intangible assets in the consolidated financial statements are amortised over their expected useful economic lives. (iii) Depreciation principles Depreciation is reported in the profit and loss statement for the year on a straight‑line basis, over the estimated useful lives of intangible assets to the estimated residual value of zero. The estimated useful lives are: • customer contracts and relationships 7 years • other intangible assets 5 years (n) Inventories Inventories are valued at the lower of acquisition value and net realisable value. The acquisition values of inventory items are calculated by applying the first‑expired, first‑out (FEFO) method and include expenses incurred in the acquisition of inventories and their transportation to their current location and state. (o) Impairment losses The Group’s reported assets are assessed at each balance sheet date to determine whether there is an indication of impairment. IAS 36 is applied to impairment losses of assets other than financial assets which are reported in accordance with IFRS 9, inventories and deferred tax assets. (i) Impairment of tangible and intangible assets If an indication of impairment is available, the recoverable amount of the asset is calculated (see below). In addition, for goodwill, other intangible assets with an indeterminable useful life and intangible assets that are not yet ready for use, the recoverable amount is calculated annually.
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72 Notes Cheffelo 2025 When impairment is identified for a cash‑generating unit (group of units), the impairment amount is first allocated to goodwill. Subsequently, a proportional impairment of other assets within the unit (group of units) is made. The carrying amount of an individual asset is not reduced below its recoverable amount or zero. An impairment is recognized as an expense in the current year's profit and loss statement. (p) Employee remunerations (i) Short‑term remunerations Short‑term employee remunerations are calculated without a discount and are recognised as an expense when the related services are received. (ii) Defined contribution pension plans Defined contribution pension plans are those plans where the company’s obligation is limited to the contributions the company has undertaken to pay. The company’s obligations regarding contributions to defined contribution plans are recognised as an expense in the profit and loss statement for the year at the rate they are earned by the employees’ performing services on behalf of the company over a period. Parent company accounting principles The parent company has prepared its annual report in accordance with the Annual Accounts Act (1995: 1554) and the Swedish Financial Council reporting recommendation RFR 2 Accounting for legal entities. Also, by the Financial Reporting Board issued statements applicable to listed companies are applied. RFR 2 means that the parent company in the annual report for the legal person must apply all adopted by the EU IFRS and statements as far as possible within the framework for the Annual Accounts Act, the Social Security Act and with regard to the connection between accounting and taxation. The recommendation indicates which exceptions and additions to IFRS to be done. Differences between the Group's and the Parent Company's accounting principles. The differences between the Group's and the Parent Company's accounting principles are set out below. The ones listed below the accounting principles for the parent company have been applied consistent in all periods presented in the parent company’s financial reports. Classification and layout forms An income statement and a report are reported for the parent company over profit and other comprehensive income, there for the group these two reports together constitute a report of results and other comprehensive income. It is also used for the parent company the terms balance sheet and cash flow analysis for the reports that in the group have the titles report over financial position and cash flow statement, respectively. The income statement and balance sheet have been prepared for the parent company according to the schedules of the Annual Accounts Act, while the report of results and other comprehensive income, the report of changes in equity and the cash flow analysis are based on IAS 1 Presentation of financial statements, respectively IAS 7 Cash flow statement. The differences from the group's reports that apply to the parent company's earnings and balance sheets mainly consist of accounting of own capital and deferred tax assets. Subsidiary Shares in subsidiaries are reported in the parent company in accordance with the acquisition value method. This means that transaction expenses included in the carrying amount of holdings in subsidiaries. In the consolidated accounts, transaction expenses are reported attributable to subsidiaries directly in the result when these arise. Financial instruments and hedge accounting The parent company has chosen not to apply IFRS 9 for financial instrument. However, some of the principles in IFRS 9 are still in place applicable ‑ such as for write‑downs, booking / cancellation and the effective interest method for interest income and interest expenses. Group contribution Group contributions received / submitted are reported as a year‑end appropriation in the income statement. The received / left the group contribution has affected the company's current tax.
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73 Notes Cheffelo 2025 Note 2 Revenues Revenue streams Group Total SEK Thousand 2025 2024 Revenues from contracts with customers 1 187 956 1 058 204 1 187 956 1 058 204 Net sales refer to the sale of mealkits containing well‑planned and healthy recipes and food. Distribution of revenue from contracts with customers The distribution of revenue from contracts with customers in main geographic markets, major product and service areas and the time of revenue recognition are summarized below, Group Total SEK Thousand 2025 2024 Geographic market Norway 603 018 505 530 Sweden 440 765 403 088 Denmark 144 173 149 585 Sum 1 187 956 1 058 204 Time of revenue recognition Goods recognized at a given time 1 187 956 1 058 204 Total Revenue from contracts with Customers 1 187 956 1 058 204 Total External Revenue 1 187 956 1 058 204 Group 31.12.2025 31.12.2024SEK Thousand Accounts receivable 17 624 20 848 Contractual liabilities 5 611 5 815 Contractual liabilities consist of customer loyalty points that have not been utilized. The Group has customer loyalty programs that run for 12 months. Revenues related to these programs will be recognized over the upcoming year. In the event that a customer has not made any purchases in the last three months, accrued points will expire. Contractual liabilities Information on receivables and contractual liabilities from contracts with customers is summarized below.
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74 Notes Cheffelo 2025 Note 3 Revenues and operating segments The Group’s operating segments are identified on the basis of how the business is monitored by the company’s CEO, in accordance with IFRS 8 Operating Segments (the “ management approach”). The CEO monitors revenues, expenses and results by country and makes decisions on the allocation of resources based on this classification. The geographical markets, corresponding to each country in which the Group operates, therefore constitute the Group’s operating segments. Each operating segment has its own operational activities and regularly reports the outcome of the segment’s performance and its resource needs to Group management. In addition to the information disclosed by operating segment, disclosures are provided on revenues and certain balance sheet items by geographical market in accordance with the requirements on entity‑wide disclosures in IFRS 8. The following operating segments have been identified: • Norway • Sweden • Denmark The operating segments’ results include items that are directly attributable to each segment as well as items that can be allocated to the segments on a reasonable and reliable basis. The items reported in the operating segments’ results are measured in accordance with the results followed up by the company’s CEO. Intercompany pricing between the Group’s operating segments is based on the arm’s length principle, i.e. between parties that are independent of each other, well‑informed and with an interest in the transactions being c a r r i e d o u t . Group Operating Segments Norway Sweden Denmark Eliminations and differences in accounting principles Group-wide Total consolidated SEK Thousand 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net sales from external customers 603 018 505 530 440 765 403 088 144 173 149 585 – – – – 1 187 956 1 058 204 Net sales from other segments 22 649 15 183 5 868 456 5 397 6 725 ‑49 831 ‑31 892 15 917 9 528 – – Goods for resales ‑354 175 ‑287 748 ‑245 966 ‑224 713 ‑88 356 ‑89 702 1 989 1 054 – – ‑686 508 ‑601 108 Operating profit before depreciation (EBITDA) 48 542 22 432 41 676 36 182 ‑933 4 875 33 271 33 396 ‑5 423 ‑7 957 117 132 88 928 Depreciation ‑43 224 ‑46 579 Other operating expenses ‑518 ‑664 Financial items, net 417 ‑1 343 Consolidated profit before tax 73 808 40 340 The differences in accounting principles between the information regarding the operating segments and the principles applied in the preparation of the financial statements consist of the application of I F R S 1 6 L e a s i n g Geographic market Group SEK Thousand 2025 2024 Total Assets Norway 277 788 314 003 Sweden 214 198 224 748 Denmark 8 575 14 610 500 561 553 361 Information about major customers The group has no major customers.
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75 Notes Cheffelo 2025 Note 4 Other operating expenses SEK Thousand 2025 2024 Group Exchange losses on receivables/liabilities of an operating nature ‑518 ‑664 ‑518 ‑664 Note 5 Employees, personnel expenses and remuneration to senior executives Employee remunerations SEK Thousand 2025 2024 Group Salaries and allowances, etc. 170 579 161 424 Pension costs, defined contribution plans (see further note 24) 12 395 11 846 Social security fees 36 106 32 915 Other compensations 10 018 8 016 229 098 214 201 Average number of employees 2025 Men% 2024 Men% Parent company Sweden 4 100% 3 100% Total parent company 4 100% 3 100% Subsidiaries Sweden 97 48% 97 51% Denmark 39 36% 39 34% Norway 132 53% 127 55% Total Subsidiaries 268 49% 264 50% Group total 272 49% 267 51% Gender balance in management 31 Dec 2025 Percentage of women 31 Dec 2024 Percentage of women Parent company Board 40% 40% Other senior management 14% 17% Group Board 24% 24% Other senior management 14% 17%
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76 Notes Cheffelo 2025 Salaries and other remuneration and pension costs for senior executives parent company Parent company 2025 SEK Thousand Board and CEO Senior management Other employees Total Salaries and allowances 5 373 3 563 1 185 10 121 of which bonuses, and the like 1 736 754 102 2 592 Parent company total 5 373 3 563 1 185 10 121 of which bonuses, and the like 1 736 754 102 2 592 Social expenses 2 541 1 814 613 4 968 of which pension cost (686) (558) (193) (1 437) Remuneration to the Board of Directors, Group The following remuneration has been paid to the members of the Board of Directors during the year. Directors’ fees refer to the remuneration resolved by the Annual General Meeting. No pension benefits are paid to the members of the Board of Directors. Note 5 Employees, personnel expenses and remuneration to senior executives, cont. Salaries and other remuneration and pension costs for senior executives in the Group Group 2025 2024 SEK Thousand Board and CEO Senior management Board and CEO Senior management Salaries and allowances 5 373 11 743 5 247 10 737 of which bonuses, and the like 1 736 2 241 1 438 1 691 Pension 686 1 194 656 1 312 Parent company 2024 SEK Thousand Board and CEO Senior management Other employees Total Salaries and allowances 5 247 1 734 1 109 8 090 of which bonuses, and the like 1 438 343 72 1 853 Parent company total 5 247 1 734 1 109 8 090 of which bonuses, and the like 1 438 343 72 1 853 Social expenses 2 464 891 579 3 934 of which pension cost (656) (279) (185) (1 120) Group 2025 2025 2024 2024 SEK Thousand Role Board remuneration Total Board remuneration Total Petter von Hedenberg Chairman of the board 500 500 500 500 Olle Qvarnström Board member 200 200 200 200 Johan Kleberg Board member 200 200 200 200 Kajsa Knapp Board member 133 133 Catherine Sahlgren Board member 133 133 Therese Reuterswärd Board member 67 67 200 200 Charlotte Gogstad Board member 67 67 200 200 Long-term incentive programs Cheffelo has during the year had three share‑based incentive programmes directed to senior executives, members of the Board of Directors and key employees: the option programmes LTIP 2021/2025, LTIP 2022/2025 and LTIP 2023/2025. The options were issued at market price and the participants paid cash upon grant. The fair value per option at the grant date has been calculated using a Black‑Scholes option‑ pricing model based on the share price at grant, exercise price, expected volatility, term, risk‑free interest rate and expected dividend. The difference between fair value and the price paid is recognised as an employee benefit expense over the vesting period, with a corresponding increase in equity. The expenses are recognised in “Personnel expenses”. In 2025, LTIP 2022/2025 and LTIP 2023/2025 were fully exercised, resulting in the issue of 341,832 new shares. These programmes are now concluded. The 2021/2025 option programme, comprising 19,200 options with an exercise price of SEK 87 and a final exercise date of 30 June 2025, was not exercised and has expired. At the signing date of this annual report, the company has no outstanding option programmes. All previous option programmes have either been exercised or terminated.
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77 Notes Cheffelo 2025 Guidelines for remuneration to senior executives At the 2021 annual general meeting, principles for remuneration to senior executives were decided. The company strives to offer a total compensation that is market‑based and that thereby able to attract and retain qualified employees. The compensation must be based on the employee's position, responsibilities and performance. The total compensation to senior executives shall consist of fixed salary, variable cash compensation and pension. The fixed salary forms the basis of the total compensation. The fixed salary must be based on of the group management member competence, responsibility and performance and must be competitive in relation to the current market standard. The variable compensation must be linked predetermined and measurable criteria and is mainly based on the group's financial results for each year. Variable compensation paid in cash must not exceed 100% of the fixed salary. Pensions must be designed in such a way that they reflect normally accepted levels and customs in the country where the group management member is employed. If possible, the pensions should be premium determined. The group applies a notice period of a maximum of twelve months. At own termination generally applies to six months' notice. Upon dismissal from Cheffelo on the Group's side, severance pay can be paid with up to nine months' salary. In addition to the aforementioned movable compensation may be added from time to time decided share‑based incentive programs, which must be decided by the annual general m e e t i n g .
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78 Notes Cheffelo 2025 Note 6 Remuneration to auditors SEK Thousand 2025 2024 Group PwC Audit 1 865 – Auditors’ activities over and above the auditing assignment 188 – Tax advice 174 – KPMG AB Audit – 1 199 Auditors’ activities over and above the auditing assignment – 274 Tax advice 66 60 KPMG AS Audit – 449 Auditors’ activities over and above the auditing assignment – 43 Beierholm Audit – 316 Auditors’ activities over and above the auditing assignment – 57 2 292 2 398 SEK Thousand 2025 2024 Parent company PwC Audit 753 – Auditors’ activities over and above the auditing assignment 150 – Tax advice 174 – KPMG AB Audit – 708 Auditors’ activities over and above the auditing assignment – 189 Tax advice 22 20 1 099 917 Note 7 Net financial items Group SEK Thousand 2025 2024 Interest income 3 180 3 804 Exchange rate gains 5 955 3 859 Other financial income 141 – Total interest income derived from financial assets valued at amortised acquisition value 9 276 7 663 Financial liabilities measured at amortised acquisition value – interest expense Interest expenses relating to leasing ‑4 633 ‑6 011 Other interest expenses ‑11 ‑49 Exchange rate losses ‑4 215 ‑2 725 Other financial expenses – ‑221 Financial expenses -8 859 -9 006 Net financial items reported in earnings 417 -1 343 Parent company SEK Thousand 2025 2024 Interest income and similar income items Interest income, group 2 439 5 492 Other 126 152 Total 2 565 5 644 Interest expenses and similar expense items Other interest expenses ‑2 ‑7 Total ‑2 ‑7 whereof Group – – whereof other ‑2 ‑7Fees to PwC refer to Öhrlings PricewaterhouseCoopers AB and other companies within the PwC Group in the countries where Cheffelo operates. Audit assignments refer to statutory audits of the annual and consolidated accounts and bookkeeping as well as the board's and the CEO's management as well as audit and other review carried out in accordance with agreement. This includes other tasks that the company's auditor is responsible for performing, as well as advice or other assistance that has been prompted by observations during such review or the implementation of such other tasks.
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79 Notes Cheffelo 2025 Note 8 Taxes Reported in the profit and loss statement Group SEK Thousand 2025 2024 Current tax expense Tax expense for the year ‑8 850 ‑3 654 ‑8 850 ‑3 654 Deferred tax expense Deferred tax on temporary differences ‑7 501 ‑4 262 ‑7 501 ‑4 262 Total reported tax expense for the Group ‑16 351 ‑7 915 Parent company SEK Thousand 2025 2024 Current tax expense Tax expense for the year – – – – Deferred tax expense Deferred tax on temporary differences ‑6 180 ‑549 ‑6 180 ‑549 Total reported tax expense for the parent company ‑6 180 ‑549 Reconciliation of effective tax Group SEK Thousand 2025 2024 Profit before tax 73 808 40 340 Tax at the applicable tax rate for Parent company 20.6% ‑15 204 20.6% ‑8 310 The effect of other tax rates for foreign Subsidiaries 1.6% 1 183 1.0% 403 Non‑deductible or non‑taxable items ‑2.1% ‑1 528 ‑0,4% ‑151 Effect of other permanent differences ‑0.3% ‑220 ‑1.7% ‑676 Increase in loss carry forwards without corresponding activation of deferred tax ‑1.3% ‑977 0.0% – Utilization of previously unrecognized tax loss carryforwards 0.0% – 0.7% 298 Tax attributable to previous years 0.5% 396 1.3% 521 Reported effective tax ‑22.2% ‑16 351 ‑19.6% ‑7 915 For the years 2024 and 2025, the reimbursement of interest expenses is included, as interest deduction restrictions exist for these years. Parent company SEK Thousand 2025 2024 Profit before tax 32 413 8 168 Tax at the applicable tax rate for Parent company 20.6% ‑6 677 20.6% ‑1 683 Non‑deductible or non‑taxable items 0.0% ‑14 0.1% ‑6 Tax attributable to previous years 0.1% ‑17 0.3% ‑22 Tax financial net ‑1.6% 527 ‑14.2% 1 161 Reported effective tax 19.1% ‑6 180 6.7% ‑549
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80 Notes Cheffelo 2025 Unrecognized deferred tax assets Deductible temporary differences and tax loss deductions for which deferred tax assets have not been recognized in the financial position report. Note 10 Earnings per share Earnings per share before dilution SEK Thousand 2025 2024 Earnings per share 4.47 2.56 Earnings per share after dilution SEK Thousand 2025 2024 Earnings per share 4.47 2.51 The amounts used in numerators and denominators are set out below. Earnings per share, before and after dilution Profit for the year attributable to the parent company’s shareholders. SEK Thousand 2025 2024 Profit for the year attributable to shareholders of the parent company 57 457 32 425 Profit attributable to the parent company’s shareholders 57 457 32 425 Weighted average number of shares, before dilution thousand shares 2025 2024 Weighted average number of shares 12 863 12 679 Weighted average number of shares, before and after dilution 12 863 12 679 Not 9 Deffered Tax SEK Thousand 2025 2024 Opening balance ‑45 316 ‑41 388 Tax loss carryforward ‑7 502 ‑4 283 IFRS 16 leasing ‑140 ‑138 Translation difference 1 472 493 Closing balance 2023‑12‑31 ‑51 485 ‑45 316 Deferred tax liability Assets ‑63 748 ‑65 390 Total deferred tax liability ‑63 748 ‑65 390 Deferred tax asset SEK Thousand 2025 Opening balance Change during the year Closing balance Deficit 17 578 ‑7 501 10 076 IFRS 16 Right‑of‑use assets ‑18 579 5 259 ‑13 320 IFRS 16 lease liabilities 21 217 ‑5 399 15 818 Exchange rate differences ‑141 ‑171 ‑311 Total deferred tax asset 20 075 ‑7 812 12 263 2024 Deficit 21 861 ‑4 283 17 578 IFRS 16 Right‑of‑use assets ‑23 294 4 715 ‑18 579 IFRS 16 lease liabilities 26 070 ‑4 853 21 217 Exchange rate differences ‑113 ‑28 ‑141 Total deferred tax asset 24 523 ‑4 449 20 075 In the parent company, the deferred tax assets amount to KSEK 1,318 (7,498) Deferred tax assets are recognized based on expected gains in the coming years. Changed tax rate No change in the tax rate after the reduction to 20.6% for financial years beginning on 1 January 2021 or later. Group 2025 2024SEK Thousand Tax deficits 35 021 32 508 35 021 32 508 Parent company Tax deficits – – – – In addition to the above deficits, there are unused deficits attributable to interest deduction restrictions that are limited in time.
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81 Notes Cheffelo 2025 SEK Thousand Goodwill Trademarks Sweden 11 308 176 654 Norway 85 884 124 206 Denmark 2 976 – Carrying value 2025‑12‑31 100 168 300 860 Sweden 11 308 176 654 Norway 99 222 131 664 Denmark 4 866 – Carrying value 2024‑12‑31 115 396 308 319 Pre-tax discount rate (WACC), % 2025 2024 Sweden 14.7 17.3 Norway 16.3 18.7 Denmark 15.1 17.6 After-tax discount rate (WACC), % 2025 2024 Sweden 11.7 13.7 Norway 12.7 14.6 Denmark 11.8 13.7 The fair value is based on the value in use, which is calculated based on discounted futures cash flows. These estimated future cash flows are based on the budget for the future year and an assumption about the financial development for a five ‑year period. The forecasts are based on assumptions about turnover and EBIT margins, based on historical experience and the company's upcoming planned launches. The cash flows calculated after the first five years have been based on a constant annual growth rate of 2% for all countries. The annual impairment test conducted at the end of 2025 did not result in any impairments. The discount rate which applied for the present value calculation of expected future cash flows consists of a weighted average cost of capital (WACC) after tax. The following discount rates have been used: A sensitivity analysis has been carried out on the updated test results, regarding further change in discount rate and growth assumptions. The group management assesses that reasonable changes in these variables (assumptions) would not have such significant effects that each individually would reduce the recoverable amount to a value lower than the carrying amount after impairment. Note 11 Goodwill Group SEK Thousand 2025 2024 Cumulative acquisition value Opening balance 656 396 659 569 Exchange rate differences for the year ‑15 228 ‑3 173 Closing balance 641 168 656 396 Accumulated depreciation Opening balance ‑541 000 ‑541 000 Impairment – – Closing balance ‑541 000 ‑541 000 Carrying values Opening balance 115 396 118 569 Closing balance 100 168 115 396 Impairment testing of goodwill and brands Goodwill and brands are distributed among the Group's cash‑generating units as follows: Weighted average number of shares, after dilution thousand shares 2025 2024 Weighted average number of shares 12 863 12 679 Effect of warrants – 217 Weighted average number of shares, after dilution 12 863 12 895 Note 10 Earnings per share, cont.
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82 Notes Cheffelo 2025 Note 12 Trademarks Group SEK Thousand 2025 2024 Cumulative acquisition value Opening balance 311 324 313 688 Exchange rate differences ‑7 458 ‑2 364 Closing balance 303 866 311 324 Accumulated depreciation and amortisation Opening balance ‑3 005 ‑3 005 Closing balance ‑3 005 ‑3 005 Carrying amounts Opening balance 308 319 310 683 Closing balance 300 860 308 319 Given the strong brands that the company holds, the company believes that there is no specific useful life and thus no depreciation according to plan. Trademarks are subject to impairment in accordance with the same principle as for Goodwill, see note 11. Note 13 Customer contracts and relationships Group SEK Thousand 2025 2024 Cumulative acquisition value Opening balance 96 588 96 894 Exchange rate differences ‑1 385 ‑306 Closing balance 95 203 96 588 Accumulated depreciation and amortisation Opening balance ‑96 588 ‑95 569 Depreciations – ‑1 320 Exchange rate differences 1 385 301 Closing balance ‑95 203 ‑96 588 Carrying amounts Opening balance 0 1 325 Closing balance 0 0 Note 14 Other intangible assets Group 2025 2024SEK Thousand Cumulative acquisition value Opening balance 74 392 66 479 Other investments 10 483 8 797 Exchange rate differences ‑3 477 ‑885 Closing balance 81 398 74 392 Accumulated depreciation Opening balance ‑54 884 ‑46 358 Depreciations ‑8 002 ‑9 191 Exchange rate differences 2 625 664 Closing balance ‑60 262 ‑54 884 Carrying amounts Opening balance 19 508 20 122 Closing balance 21 136 19 508 Other intangible assets consist mainly of the Group's proprietary technical and digitial platform which the Group's business processes. In other intangible assets, there are no capitalised projects that have not yet been taken into use.
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83 Notes Cheffelo 2025 Note 15 Improvement expenses to third party property Group 2025 2024SEK Thousand Acquisition Value Opening balance 8 106 8 115 Acquisitions 371 – Exchange rate differences ‑28 ‑9 Closing balance 8 449 8 106 Depreciations Opening balance ‑7 336 ‑7 090 Depreciations ‑309 ‑248 Exchange rate differences 12 2 Closing balance ‑7 633 ‑7 336 Carrying amounts Opening balance 771 1 025 Closing balance 817 771 Note 16 Machinery and other technical fixed assets Group 2025 2024SEK Thousand Acquisition Value Opening balance 22 696 21 549 Acquisitions 1 576 955 Reclassifications 351 – Exchange rate differences ‑1 317 192 Closing balance 23 305 22 696 Depreciations Opening balance ‑17 222 ‑13 901 Depreciations ‑2 970 ‑3 202 Exchange rate differences 999 ‑120 Closing balance ‑19 193 ‑17 222 Carrying amounts Opening balance 5 474 7 648 Closing balance 4 112 5 474
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84 Notes Cheffelo 2025 Note 17 Equipment Group 2025 2024SEK Thousand Acquisition Value Opening balance 38 769 37 638 Acquisitions 956 497 Ongoing construction – 611 Reclassifications ‑351 – Exchange rate differences ‑1 479 23 Closing balance 37 895 38 769 Depreciations Opening balance ‑28 338 ‑23 251 Depreciations ‑4 323 ‑5 151 Exchange rate differences 1 067 64 Closing balance ‑31 593 ‑28 338 Carrying amounts Opening balance 10 431 14 388 Closing balance 6 302 10 431 Note 18 Other non-current receivables Group SEK Thousand 2025 2024 Opening balance 9 026 9 143 Security deposit for premises 30 31 Other receivables ‑892 ‑92 Exchange rate differences ‑379 ‑56 Closing balance 7 785 9 026 Other non-current receivables Security deposit for premises 7 785 8 080 Other receivables – 946 Total Other non-current receivables 7 785 9 026 Note 19 Inventory Group SEK Thousand 31 Dec 2025 31 Dec 2024 Commodities 17 811 11 164 17 811 11 164 Note 20 Accounts receivable Trade receivables are recognized after taking into account the loss reserve. Bad debt losses for the group during the year amounted to KSEK 5,030 (2,452). In the Parent Company, customer losses amounted to KSEK 0 (0). Group SEK Thousand 31 Dec 2025 31 Dec 2024 Accounts receivable at face value 20 696 22 696 Provisions for losses on accounts receivable ‑3 072 ‑1 848 17 624 20 848 Parent company Accounts receivable at nominal value – – Provisions for losses on accounts receivable – – – – The company has transferred accounts receivable to a bank in the form of a factoring arrangement and received cash and cash equivalents. The accounts receivable have not been booked away from the financial condition report because the company retains the main risks and benefits, which constitute of credit risk, see Note 28. The amount is recorded as Short‑term liability, see Note 24. See Note 28 for the Group’s loss allowance matrix and additional disclosures regarding credit risk related to trade receivables. The amount that the company has received from the bank: Group SEK Thousand 31 Dec 2025 31 Dec 2024 The carrying amount of accounts receivable that have been transferred to bank 4 588 4 704 The carrying amount of the related liabilities 4 588 4 704 Parent company The carrying amount of accounts receivable that have been transferred to bank – – The carrying amount of the related liabilities – –
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85 Notes Cheffelo 2025 Note 21 Prepaid expenses and accrued revenues Group SEK Thousand 2025-12-31 2024-12-31 Accrued supplier bonuses 1 641 2 263 Prepaid leasing fees 294 3 305 Prepaid goods costs 359 1 712 Prepaid marketing costs 253 2 501 Other 4 875 3 917 7 422 13 698 Parent company Other 296 311 296 311 Note 22 Cash and cash equivalents Group SEK Thousand 31 Dec 2025 31 Dec 2024 The following components are included in cash and cash equivalents: Cash and bank balances 157 069 114 207 Total according to consolidated statement of financial position 157 069 114 207 Total according to consolidated cash flow statement 157 069 114 207 Parent company The following components are included in cash and cash equivalents: Cash and bank balances 12 10 007 Total according to consolidated statement of financial position 12 10 007 Total according to consolidated cash flow statement 12 10 007 Note 23 T otal Equity Share class – Thousands of shares 2025 2024 Shares Issued as of 1 January 12 679 12 679 Cash issue 342 – Issued as of December 31 – paid 13 020 12 679 As of 31 December 2025, the registered share capital comprised SEK 1,201,675 (1,170,127) with a quota value of SEK 0.09 (0.09). Holders of shares are entitled to dividends that are determined gradually and the shareholding entitles to voting rights at the general meeting with one vote per share. Translation reserve The translation reserve includes all exchange differences arising from the translation of financial statements from foreign operations that have prepared their financial statements in a currency other than the currency in which the Group’s financial statements are presented. The Parent Company and the Group present their financial statements in the Swedish kronor (SEK). Premium fund When shares are issued at a premium, i.e. at an issue price higher than the quota value of the shares, an amount equal to the amount received in addition to the quota value of the shares shall be transferred to the share premium fund. Retained earnings Retained earnings consist of the previous year’s retained earnings and profit after deduction of dividend paid during the year.
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86 Notes Cheffelo 2025 Note 24 Liabilities to credit institutions Group SEK Thousand 31 Dec 2025 31 Dec 2024 Liabilities to credit institutions Right of recourse factoring companies 4 588 4 704 4 588 4 704 Note 25 Pensions Defined contribution pension plans The Group only has defined contribution pension plans. Payment to these plans is made on an ongoing basis according to the rules in each plan. Group 2025 2024SEK Thousand Costs of defined contribution plans 12 395 11 846 Parent company Costs of defined contribution plans 1 437 1 120 Note 26 Other liabilities Group SEK Thousand 31 Dec 2025 31 Dec 2024 Other non-current liabilities Other – – – – Other current liabilities VAT liability 6 864 5 343 Withheld employee income tax and social security contributions 8 949 8 626 Other 2 455 2 087 18 268 16 057 Not 27 Accrued expenses and deferred income Group 31 Dec 2025 31 Dec 2024SEK Thousand Accrued personnel costs 30 495 29 188 Accrued lease expenses 559 769 Accrued goods and delivery costs 2 250 1 778 Other 8 654 10 656 41 958 42 392 Parent company Accrued personnel costs 4 800 4 114 Other 750 906 5 550 5 020
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87 Notes Cheffelo 2025 Note 28 Evaluation of assets and liabilities, financial risks and risk management Fair value The fair value of interest‑bearing liabilities is calculated by discounting future cash flows of principal and interest to current market rate. Carrying amount of long‑term receivables, accounts receivable, other current receivables, cash and bank, accounts payable, other non ‑current liabilities and other current liabilities constitute a reasonable approximation of fair value. Financial risks and risk management Through its operations, the Group is exposed to various types of financial risks. • Credit risk • Liquidity risk • Market risk Financial risk management framework Responsibility for the Group's financial transactions and risks is managed centrally by the Group's finance function. The overall objective of the finance function is to provide cost ‑ effective financing and to minimize adverse effects on the Group's earnings arising from market risks. Liquidity risk The liquidity risk is the risk that the Group may have problems fulfilling its obligations associated with financial liabilities. The Group is based on a 12 ‑month liquidity plan covering all of the Group's units. The planning is updated every quarter. The Group's 3 ‑year forecasts include medium‑term liquidity planning. Liquidity planning is used to manage the liquidity risk and the costs of financing the Group. The goal is for the Group to be able to cope with its financial commitments in ups as well as downturns without significant unforeseeable costs and without risking the reputation of the group. The Group's policy is to minimize the need for borrowing by using excess liquidity within the Group through cash pools that have been set up by the central finance department. Liquidity risks are managed centrally for the entire Group by the central finance department. The company's financial liabilities at year‑end amounted to MSEK 67 (67) and maturity structure of debt is shown in the table below. 2025 2024 Equity ratio % Total equity 440 318 442 111 Balance sheet total 722 082 746 124 Equity ratio (Total equity/Total assets) 61.0% 59.3% Capital management The Group's financial objective is to have a good financial position, which helps to ensure that investors, creditors' and market confidence and provide a basis for the continued development of business operations; while maintaining the long ‑term returns generated to shareholders are satisfactory. Capital management in the Group aims to ensure that the business is adequately capitalized to meet the risks in the business taking into account the scope of the Group's financing activities and associated risks and, in the long term, increasing the value of ownership. The capital structure is mainly affected by the profitability of the business, possible dividends and investments. Liquidity planning within the Group also takes into account how capital needs are expected to develop over the next three years. The reported equity in the consolidated balance sheet is defined as capital. During the year, there was no change in the Group's capital management. Neither the parent company nor any of the subsidiaries are subject to external capital requirements.
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88 Notes Cheffelo 2025 Maturity structure financial liabilities – undiscounted cash flows Group Cur- rency Nom. Amount original currency KSEK < 1 month 1-3 month 3 month -1 year 1-5 years > 5 years31 Dec 2025 Accounts payable 62 449 62 449 62 449 Liabilities to credit institutions 4 588 4 588 4 588 Leasing liabilities SEK 27 232 28 781 1 050 2 099 9 446 16 187 – Leasing liabilities NOK 54 668 54 558 1 361 2 722 12 250 38 225 – Leasing liabilities DKK 618 959 38 76 341 505 – Total 151 335 69 486 4 897 22 036 54 916 – Group Cur- rency Nom. Amount original currency KSEK < 1 month 1-3 month 3 month- 1 year 1-5 years > 5 years31 Dec 2024 Accounts payable 62 013 62 013 62 013 Liabilities to credit institutions 4 704 4 704 4 704 Leasing liabilities SEK 36 931 39 955 1 028 2 056 9 254 27 617 – Leasing liabilities NOK 67 639 73 177 1 421 2 842 12 789 55 250 874 Leasing liabilities DKK 2 320 3 659 273 547 2 459 380 – Total 183 507 69 439 5 445 24 502 83 247 874 Note 28 Evaluation of assets and liabilities, financial risks and risk management, cont. Market risk Market risk is the risk that the fair value of or future cash flows from a financial instrument vary due to changes in market prices. Market risks are divided by IFRS into three types; currency risk, interest rate risk and other price risks. The market risks that primarily affect the Group consist of interest rate risks and currency risks. According to current policy, the company does not hedge against market risks. The Group’s objective is to manage and control market risks within established parameters and at the same time optimize the result of risk‑taking within given frameworks. The parameters have been determined with the aim that the short ‑term market risks (6–12 months) will only marginally affect the Group’s earnings and position. In the longer term, however, sustained changes in exchange rates and interest rates will have an impact on consolidated earnings. I n t e r e s t r a t e r i s k Interest rate risk is the risk that the value of financial instruments varies due to changes in market interest rates. Interest rate risk can lead to changes in fair values and changes in cash flows. A significant factor that affects interest rate risk is the fixed interest period. The Group’s interest rate risk arises mainly through long‑term borrowing and is managed by the central financial function. The group currently has no long ‑term borrowing. The Group has actively chosen not to secure itself against risks regarding changes in interest rates. C u r r e n c y r i s k The risk that fair values and cash flows regarding financial instruments may fluctuate when the value of foreign currencies changes is called currency risk. The group has limited exposure to currency risk on transactions because income and expenses are mainly in the same currency. The functional currency for the group companies is primarily in SEK. Transactions are primarily made in the currencies SEK, EUR, NOK and DKK. The group has chosen not to hedge translation exposures in foreign currency. Sensitivity analysis ‑ currency risk A 10% strengthening of the Swedish krona against other currencies as of 31 December 2025 would mean a change in equity by MSEK ‑23.5 (‑23.3) and in profit by MSEK 1.8 (‑0.2). The sensitivity analysis is based on all other factors (eg the interest rate) remaining unchanged. The same conditions were applied for 2024. Credit risk Credit risk is the risk that a client or counterparty of a financial instrument is unable to meet its commitment, thereby causes the Group a financial loss and arises mainly from the Group's accounts receivable. The carrying amount of financial assets constitutes the maximum credit exposure. Bad debt does not amount to significant amounts and has historically amounted to less than MSEK 8.5.
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89 Notes Cheffelo 2025 Group SEK Thousand 2025 2024 Opening balance as of January 1 1 848 2 751 Change in loss reserve 1 224 ‑903 Closing balance as of December 31 3 072 1 848 Below is a summary of the credit risk exposure and feared credit losses for consumer accounts receivable as of December 31, 2025. 31 Dec 2025 SEK Thousand Gross carrying amount Loss reserves Net Not overdue 16 243 – 16 243 Overdue 1–30 days 141 – 141 Overdue 31–60 days 688 68 620 Overdue 61–90 days 886 266 620 Overdue 91– days 2 738 2 738 – 20 696 3 072 17 624 31 Dec 2024 SEK Thousand Gross carrying amount Loss reserves Net Not overdue 19 753 – 19 753 Overdue 1–30 days – – – Overdue 31–60 days 709 72 637 Overdue 61–90 days 654 196 458 Overdue 91– days 1 580 1 580 – 22 696 1 848 20 848 Note 29 Lease agreement Leases where the company is a lessee The Group’s property, plant and equipment consists of both owned and leased assets The Group leases several types of assets. No lease agreements contain covenants or other limitations in addition to the security of the leased asset. Right of use assets SEK Thousand Real estates Machines Vehicles Total Opening balance 1 January 2024 110 056 4 260 2 723 117 039 Additions during the year 4 728 216 174 5 117 Depreciation 2024 ‑24 677 ‑1 800 ‑943 ‑27 420 Elimination of residual value – ‑341 – ‑341 Exchange rate differences ‑931 4 ‑8 ‑935 Closing balance 2024‑12‑31 89 176 2 339 1 946 93 461 Opening balance 1 January 2025 89 176 2 339 1 946 93 461 Additions during the year 3 109 1 146 – 4 255 Depreciation during the year ‑24 925 ‑1 618 ‑923 ‑27 466 Exchange rate differences ‑3 008 ‑62 ‑15 ‑3 085 Closing balance 2025‑12‑31 64 351 1 807 1 008 67 166 Additional usufruct assets (“Additions to right‑of‑use assets”) in 2025 amounted to KSEK 4,255 (5,117). This amount includes the acquisition value of new acquisitions during the year rights of use and additional amounts when reconsidering leasing liabilities due to changed payments as a result that the leasing period has changed. For a maturity analysis of the leasing liabilities, see Note 28 Financial risks and risk management in the section on liquidity risk. Amounts reported in earnings Group SEK Thousand 2025 2024 Depreciation of right‑of‑use assets 27 466 27 420 Interest on leasing liabilities 4 633 6 011 Costs of low‑value leases 572 692 Amounts recognised in profit or loss SEK Thousand 2025 2024 Total cash outflows attributable to leases 33 335 33 736 Credit risk in cash and cash equivalents The Group has cash and cash equivalents of KSEK 157,069 as of December 31, 2025 (114,207). For cash and cash equivalents, banks and financial institutions counterparties, which are rated AA‑ to AA+, based on Standard & Poor's Credit Market Services Europe Ltd credit rating. Credit risk in receivables from Group companies The Parent Company's credit risk exposure is mainly affected by the individual characteristics of each Group company. Management takes into account however, the factors that may affect the credit risk of the group companies, including the risk of default in the country where the Group companies are active. Changes in write‑down reserves for accounts receivable The change in impairment reserves for accounts receivable during the year was as follows.
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90 Notes Cheffelo 2025 Note 29 Lease agreement, cont. The above cash outflow includes both amounts for lease agreements recorded as leasing liabilities, as well as amounts paid for variable lease fees and leases of low value. Realestate leasing The Group leases buildings for its office premises. The leasing agreements for office premises have normally a term of 3‑5 years. Some leasing agreements include an option to at the end of the leasing period renew the leasing agreement for another period with the same term. Some leasing agreements include leasing fees that are based on changes in local price index. Some leasing agreements require the Group to pay fees relating to property taxes which is placed on the lessor. These amounts are determined annually. Extension and termination options Some leasing agreements contain extension options and termination options, respectively The Group can use or not use up to one year before the expiry of the non‑cancellable the leasing period. When it is practical, the Group tries to include such options in new leasing agreements as it contributes to operational flexibility. The options can only be used by the Group, not by the lessor. Whether it is reasonably certain that an extension option will be utilized or not is determined on the commencement date of the leasing agreement. The Group reconsider whether it is reasonably certain that an extension option will be exercised or not if there is an important event or significant changes in circumstances within Group control. The Group’s lease agreements for office premises mainly consist of non‑cancellable periods of 3 years, which is extended by additional periods of 3 years if the Group does not terminate the agreement with 0 to 9 months notice. For offices, the Group assesses in the majority of cases that it is not reasonably certain that the agreements will be extended beyond the first period ‑ i.e. the leasing period is usually assessed as a period. Reported lease liabilities for these agreements amount to KSEK 18,778 (27,728). The Group’s agreement for the lease of other premises in the business consists of non‑ cancellable periods in 2‑15 years, with options for the Group to exercise additional periods. The agreements contain no final end date. For agreements with a non‑cancellable period of 5‑15 years, it has considered that it is not reasonably certain that additional periods will be utilized. For agreements such as has a shorter non‑cancellable period than 5 years, it is judged in most cases that it is reasonably safe that additional period or periods will be utilized, resulting in leasing periods if usually 7‑15 years. Reported lease liability for these agreements amounts to KSEK 56,039 (73,652). During the year, the Group did not exercise any options that were not previously included in the lease liability. Significant changes may occur in the future in the event of a reconsideration of the leasing period would occur in respect of any of the Group’s significant property agreements. Note 30 Pledged collateral, contingent liabilities and contingent assets The Group has no pledged collateral, contingent liabilities or contingent assets. Note 31 Appropriation of profit or loss Proposed appropriation of profit and loss Unrestricted equity is available to the Annual General Meeting are as below. Share premium reserve 1 106 046 Retained earnings ‑669 663 Profit/loss for the year 26 232 Total 462 616 The Board of Directors proposes the following profit allocation KSEK Dividend of SEK 7.05 per share 91 794 Share premium reserve 1 014 252 Retained earnings ‑643 431 Total 462 616 Other leasing agreements The Group leases vehicles and equipment with leasing periods of 1 to 8 years. In some cases have The Group an opportunity to buy the asset at the end of the leasing period. In other cases, guarantees The Group the residual value of the leased asset at the end of the leasing period. Extension options occurs only to an insignificant extent. Estimated residual value guarantees are reconsidered at each balance sheet date to revalue the lease liability and the right of use asset. On December 31, 2025, the Group estimates that residual value guarantees amount to KSEK 0. The Group also leases machines such as coffee machines and IT equipment with leasing periods in one to three years. These leasing agreements are leases of low value. The Group has chosen not to report right of use assets and lease liabilities for these leases.
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91 Notes Cheffelo 2025 Note 32 Associated companies Associated relationships The parent company has an associated relationship with its subsidiaries, see Note 33. Details of the remuneration to the respective key senior executive, see Note 5. Summary of related party transactions Group SEK Thousand Year Claim associated company per 31 December Debt associated companyper 31 December Expenses associated company Associated company Mood Communication AS 2025 – – 15 802 Mood Communication AS 2024 – 1 586 18 084 Smood AS 2025 – 100 4 396 Smood AS 2024 – – 3 078 Note 31 Appropriation of profit or loss cont. The board proposes that KSEK 462,616 be allocated to SEK 7,05 per share corresponding to KSEK 91,794, based on the number of shares as of 31 december 2025. The remaining amount of KSEK 370,822 is carried forward to new account, of which KSEK 1 014,252 to the share premium reserve and KSEK ‑643,431 to retained earnings. The dividend proposed by the Board corresponds to 19,8 percent of the parent company’s equity, respectively 20,8 percent of the Group’s equity. The board asses that the proposed dividend is well‑balanced with regards to the business tar‑ gets, scope and risks. The group will continue to be able to fulfil the company’s future obliga‑ tions. If the dividend had been paid at the turn of the year, the equity / assets ratio in the Group would have been 48 percent. After payment of the proposed dividend, Cheffelo is expected to continue to have a good financial position. Cheffelo's dividend policy aims to provide shareholders with a dividend that provides a good dividend yield while providing the company has the opportunity to invest in strategic growth opportunities. The goal of the dividend is for it to amount to at least 50% of the cashflow from current opera‑ tions minus the acquisition of fixed assets and amortization of leasing debt over the next few years. Parent company SEK Thousand Year Claim associated company per 31 December Debt associated companyper 31 December Revenue associated company Associated company Cheffelo Denmark ApS 2025 – – – Cheffelo Denmark ApS 2024 – – – Cheffelo Norway AS 2025 3 474 – 12 733 Cheffelo Norway AS 2024 1 337 – 4 764 Cheffelo Sweden AB 2025 133 522 – – Cheffelo Sweden AB 2024 150 060 – – Cheffelo NewCo AB 2025 35 000 – Cheffelo NewCo AB 2024 12 000 – The companies’ transactions with associated parties primarily consist of management costs and services. Transactions with associated parties are priced on market terms. Note 33 Shares in subsidiaries The consolidated financial statements include Cheffelo AB (publ) and subsidiaries (the Group). Subsidiaries are companies over which Cheffelo AB (publ) (directly or indirectly) has control. Control is achieved when the group is exposed to or is entitled to a variable return from its involvement in a company where it invested, and has the opportunity to influence this return through its influence over this company. Participations in Group companies Subsidiary's registered office, country Ownership % 31 Dec 2025 31 Dec 2024 Cheffelo NewCo AB Sundbyberg, Sweden 100% 100% Cheffelo Sweden AB Sundbyberg, Sweden 100% 100% Cheffelo Norway AS Oslo, Norway 100% 100% Cheffelo Denmark ApS Helsingör, Denmark 100% 100% During the year, the Group conducted transactions with the media agencies Mood Communication AS and Smood AS, both associated with Petter von Hedenberg, Chairman of Cheffelo. The total value of these transactions was MSEK 20.2. Of this amount, MSEK 15.5 was related to Mood Communication AS’s purchase of advertising space on behalf of Cheffelo, while MSEK 0.3 referred to fees for Mood Communication’s services during the year. During the same period, Smood AS’s purchase of advertising space on behalf of Cheffelo was MSEK 3.5, and MSEK 0.9 was related to fees for Smood AS’s services. All transactions were conducted on market terms. No other related party transactions occurred during the period.
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92 Notes Cheffelo 2025 Note 34 Specifications for cash flow statement Cash and cash equivalents - Group SEK Thousand 31 Dec 2025 31 Dec 2024 The following components are included in cash and cash equivalents: Cash and bank balances 157 069 114 207 Total according to consolidated statement of financial position 157 069 114 207 Interest paid and dividends received Group SEK Thousand 2025 2024 Interest received 3 180 3 804 Interest paid ‑11 ‑271 3 169 3 533 Parent company Interest received 2 565 5 644 Interest paid ‑2 ‑7 2 562 5 637 Cash and cash equivalents - Parent company SEK Thousand 2025-12-31 2024-12-31 The following components are included in cash and cash equivalents: Cash and bank balances 12 10 007 Total according to statement of financial position 12 10 007 Parent company 31 Dec 2025 31 Dec 2024SEK Thousand Cumulative acquisition value Opening balance 953 454 953 454 Closing balance December 31 953 454 953 454 Accumulated depreciation and impairments Opening balance ‑657 100 ‑657 100 Impairment – – Closing balance December 31 ‑657 100 ‑657 100 Carrying value December 31 296 354 296 354 If there is an indication of the need for impairment, the asset's recovery value is calculated. The recovery value is based on the value in use, which is calculated based on discounted future cashflows. The impairment requirement in 2025 for shares in subsidiaries has been assessed at KSEK 0 (0). Specification of the parent company’s direct holding of shares in subsidiaries Subsidiaries/Organization number/registered office Number of shares Shares % Carrying value 31 Dec 2025 31 Dec 2024 Cheffelo NewCo AB, 559020‑2536, Sundbyberg 727 064 100 296 354 296 354 Note 33 Shares in subsidiaries, cont. Adjustments for items that are not included in cash flow Group SEK Thousand 2025 2024 Depreciation 43 224 46 579 Other non‑cashflow impacting items ‑1 740 ‑1 134 41 484 45 445 Transactions that do not entail payments Group SEK Thousand 2025 2024 Acquisition of asset through leases 4 255 5 117
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93 Notes Cheffelo 2025 Note 34 Specifications for cash flow statement, cont. Reconciliation of liabilities arising from financing activities Group Leasing liabilities Total debt originating from financing the businessSEK Thousand Closing balance 2023 129 740 129 740 Cash flow ‑27 725 ‑27 725 Non‑cash flow affecting changes New leasing agreements 5 115 5 115 Exchange rate differences ‑1 038 ‑1 038 Closing balance 2024 106 092 106 092 Parent Company Closing Balance 2023 – – Cash flow – – Closing balance 2024 – – Group Leasing liabilities Total debt originating from financing the businessSEK Thousand Closing balance 2024 106 092 106 092 Cash flow ‑28 701 ‑28 701 Cash flow New leasing agreements 4 255 4 255 Exchange rate differences ‑3 511 ‑3 511 Closing balance 2025 78 135 78 135 Parent Company Closing Balance 2024 – – Cash flow – – Closing balance 2025 – – Note 36 Important estimates and assessments Management has together with the Board evaluated development, election and disclosures regarding the Group’s accounting principles and estimates, as well as the application of these principles and estimates. Important assessments in the application of the Group’s accounting principles Some important accounting assessments made in the application of the Group’s accounting principles are described below. In applying the Group’s accounting policies, a number of judgements are made that may have a material impact on the financial statements. The most important judgements include, among o t h e r s : ‑ identification of cash‑generating units for impairment testing ‑ assessment of whether intangible assets, such as trademarks, have finite or indefinite useful lives ‑ assessment of whether there is any indication of impairment for goodwill and trademarks. Related accounting policies and disclosures are presented in Note 1 and Note 11. Key estimates and assumptions about the future The preparation of the financial statements requires management to make estimates and assumptions about the future. These affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the balance sheet date. Actual outcomes may differ from t h e s e e s t i m a t e s . The most significant estimates relate to impairment testing of goodwill and trademarks. These are based on assumptions regarding future cash flows, growth, margins and the discount rate. Changes in these assumptions may affect the recoverable amount, but the company’s assessment is that reasonably possible changes in the assumptions would not result in an impairment requirement or other material adjustments to carrying amounts over the next 12 months. Reference is made to Note 11 for further information. The calculated recoverable amount for cash‑generating units is based on estimated future cash flows and assumptions regarding growth, margins and the discount rate. Changes in these assumptions may have a material impact on the recoverable amount. The most significant assumptions and sensitivity analyses are presented in Note 11. Management assesses that other items in the financial statements that are based on estimates are not associated with any significant risk of material adjustments to the carrying amounts within the next 12 months. The Group has no non‑controlling interests and, accordingly, no such amounts are recognised in the financial statements. Note 37 Information concerning parent company Cheffelo AB (publ) is a Swedish‑registered limited liability company based in Sundbyberg. The address of the head office is Löfströms Allé 5, 172 66 Sundbyberg. The consolidated financial statements for 2025 relate to the parent company and its subsidiaries, together named the Group. The parent company is listed on Nasdaq First North Premier Growth Market. Note 35 Significant events after the end of the financial year Cheffelo announced in February 2026 its intention to consolidate the Group’s Norwegian brands. The purpose is to strengthen the customer experience and increase efficiency in brand building, customer acquisition and logistics in the Norwegian market. By focusing on a single brand in Norway, in line with Cheffelo’s value proposition “Meals that unite families”, the service can be further improved and better adapted to customers’ needs. Customers of Adams Matkasse are offered to continue their subscriptions with Godtlevert.
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94 Annual Report Cheffelo 2025 The Board of Directors and the CEO declare that the annual accounts have been prepared in accordance with generally accepted accounting principles in Sweden and that the consolidated accounts have been prepared in accordance with the international accounting standards referred to in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of July 19, 2002 on the application of international accounting standards. The annual report and the consolidated financial statements give a true and fair view of the position and performance of the parent company and the Group. The Directors’ Report for the parent company and the Group gives a true and fair view of the development of the parent company’s and the Group’s business, position and profit or loss, and of the principal risks and uncertainties facing the parent company and the companies in the Group. The annual report and the consolidated financial statements were approved for issue by the Board of Directors and the Chief Executive Officer on March 30, 2026, as stated above. The consolidated income statement and consolidated statement of comprehensive income and statement of financial position and the parent company’s income statement and balance sheet will be subject to approval at the Annual General Meeting on April 29, 2026. Sundbyberg, April 2, 2026 Petter von Hedenberg Chairman of the Board Catherine Sahlgren Board member Kajsa Knapp Board member Johan Kleberg Board member Walker Kinman CEO Victor Lindhall Authorized Public Accountant Our Audit report was submitted on April 2, 2026 Öhrlings PricewaterhouseCoopers AB Olle Qvarnström Board member Cheffelo AB (publ) Löfströms Allé 5, 172 66 Sundbyberg. 559021-1263 www.cheffelo.com For more information, please contact: Erik Bergman, CFO Mail: ir@cheffelo.com Declaration
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95 Annual Report Cheffelo 2025 To the general meeting of the shareholders of Cheffelo AB (publ), corporate identity number 559021 ‑1263 Report on the annual accounts and consolidated accounts Opinions We have performed an audit of the annual accounts and consolidated accounts of Cheffelo AB (publ) for year 2025. The annual accounts and consolidated accounts of the company are included on pages 57‑94 in this document. In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company as of 31 December 2025 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2025 and their financial performance and cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the income statement and statement of financial position for the group. Basis for Opinions We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Other information The audit of the annual accounts and consolidated accounts for 2024 was performed by another auditor who submitted an auditor's report dated 28 mars 2025, with unmodified opinions in the Report on the annual accounts and consolidated accounts. Other information than the annual accounts and consolidated accounts This document also contains other information than the annual accounts and consolidated accounts and is found on pages 1‑9 and 20‑55. The Board of Directors and the Managing Director are responsible for this other information. Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regarding this other information. In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts. In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated. If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. Auditor's report
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96 Annual Report Cheffelo 2025 In preparing the annual accounts and consolidated accounts, the Board of Directors and the Managing Director are responsible for the assessment of the company and group's ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Managing Director intends to liquidate the company, cease operations or has no realistic alternative to doing any of this. Auditor's responsibility Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts. A further description of our responsibility for the audit of the annual accounts and consolidated accounts is available on the Swedish Inspectorate of Auditors’ website: www.revisors‑ inspektionen.se/revisornsansvar. This description is part of the auditor's report. Report on other legal and regulatory requirements Audit of the administration and the proposed appropriations of the company's profit or loss Opinions In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of Cheffelo AB (publ) for year 2025 and the proposed appropriations of the company’s profit or loss. We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year. Basis for Opinions We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Responsibilities of the Board of Directors and the Managing Director The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company and group's type of operations, size and risks place on the size of the parent company's equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the company’s organization and the management of the company’s affairs. This includes among other things continuous assessment of the company and group's financial situation and ensuring that the company's organization is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfill the company’s accounting in accordance with law and handle the management of assets in a reassuring manner. Auditor's responsibility Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect: • has undertaken any action or been guilty of any omission which can give rise to liability to the company, or • in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act. A further description of our responsibility for the audit of the administration is available on the Swedish Inspectorate of Auditors’ website: www.revisorsinspektionen.se/revisorns ‑ ansvar. This description is part of the auditor's report. Stockholm, 2 april 2026 Öhrlings PricewaterhouseCoopers AB Victor Lindhall Authorized Public Accountant